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With Blackstone, said to be the world’s largest alternative asset manager, becoming the majority shareholder of the pioneering visa facilitation service VFS Global, Dubai based Zubin Karkaria, the founder and chief executive officer (CEO) of the company declared, "We are delighted to partner with Blackstone as VFS Global enters its next growth phase… I am extremely proud to say that the organization we founded from a visionary idea two decades ago is today among (Blackstone’s) selected portfolio companies. This development has further strengthened the financial stability of VFS Global and enables us to renew our focus on further growth and development.”
VFS Global has, since its inception in 2001, processed over 24.5 crore visa applications at 3,530 centers in 143 countries, coordinating with 65 client governments, according to its website. An alternative asset management company, according to Wikipedia, does not invest in stocks, bonds and cash but other assets like real estate, commodities, private equity, hedge funds, etc.

 

 

 

 

 

 

 

The journey ahead for VFS Global "will be challenging but also very exciting and fulfilling… Even considering our current market leadership position we see huge potential for further development and I remain as inspired as I was 20 years back about the prospects of our company,” stated Karkaria in an email interview with Parsiana.
The Swiss-based Kuoni and Hugentobler Foundation and EQT, a global investment organization, headquartered in Stockholm/Sweden, now hold minority stakes in VFS Global. "The divestment to Blackstone was a decision taken by our erstwhile majority shareholder, EQT, and in line with their planned investment strategy. We deeply appreciate the collaborative, supportive and value-enhancing relationship we shared with EQT over the past six years,” noted Karkaria.
Dismissing speculation in the media that he may step down as CEO, Karkaria assured the magazine, "As a founder CEO of the company I have to say I have no plans to retire or relinquish my role as the CEO and I will continue as long as I can keep adding value to the company and to our stakeholders.” While the VFS workforce now numbers over 9,000 to keep pace with expanding assignments, Karkaria adds, "There will be no change in our business operations or in our management team. VFS Global’s overall value proposition and our commitment to business excellence and customer service remain unchanged, and so do our contractual obligations to our client governments.
"Consequent to the change in our majority shareholder only our non-executive board of directors has changed with Blackstone representatives replacing EQT representatives. The development also fortifies our commitment towards our stakeholders — client governments, customers, colleagues and communities. I am personally looking forward to this opportunity to further cementing and building upon our market-leading position with the support of Blackstone’s scale, expertise, and global network.” Among the top executives introduced on the VFS website is another Parsi, Bapsy Dastur who since April 2020 has been their general counsel and is responsible for managing the integrated legal, compliance and risk functions in the organization.
The divestment to Blackstone came to light in the last quarter of 2021 but the transaction terms have not been disclosed. Karkaria reiterated that "VFS remains deeply committed to continuously enhancing our services and operations through investments in innovation, technology and human capital development and to business excellence overall.”
Variously recognized as a "Global Game Changer,” "Pioneer of the Global Visa Services Industry,” "Top 25 Young Executives in India,” Karkaria had been appointed Chevalier de l’Ordre National du Mérite (Knight of the National Order of Merit) by the President of the French Republic in 2016. He had joined Kuoni in 1991 and handled several managerial roles before he was appointed as the CEO and managing director of Kuoni India and South Asia in 2005, managing the outbound and domestic tours, business travel and inbound travel divisions. In 2001 he conceptualized and set up VFS "as an outstanding example of disruptive innovation,” as notes the company’s website. The first pilot project was with the US Consulate in Bombay where VFS handled the collection and scrutiny of documents, leaving it to the Consulate to grant or reject visa applications. Soon more contracts followed.
This June, the 53-year-old globe trotter was appointed as Zanzibar’s Goodwill Ambassador. An alumnus of Don Bosco School and H. R. College of Commerce and Economics in Bombay, Karkaria grew up in Dadar, his father Jal being an engineer, and mother Silloo, a social worker. An ordained priest, he would offer his services in an agiary as a mobed during muktads until work pressures prevented that. On his visits to Bombay he is known to daily visit a fire temple. To reenergize himself he looks forward to short holidays with wife Tarana, and children Simran, Simone and Zeus (see "Visa ventures and more,” Parsiana, February 2, 2017).
In Dubai, he has "interacted with the Parsi community... perhaps not as much as I would have liked to, but I have also been travelling a lot and I need to balance my professional and personal life. Irrespective of which I remain a proud Zoroastrian and will continue to support our community in whatever way I can,” he assured.                        Parinaz M. Gandhi