Fintech startup Valocity has hired Sovan Mandal, the former chief business officer of India Mortgage Guarantee Corporation (IMGC), as the Chief Executive Officer (CEO) of its India plans. Mandal has over 20 years of experience in the financial sector in India and abroad. As the founding member of IMGC, Sovan helped establish mortgage guarantees as a new product in India, the startup said in a statement.

“We are thrilled to have someone as Sovan’s character and deep mortgage industry expertise to build in and deliver our transformational solutions to the Indian property ecosystem,” Valocity Global CEO and Founder Carmen Vicelich said.

Valocity digitises the property valuation process with its Microsoft cloud-based valuation platform, giving end-to-end solutions for both residential and commercial lending. “I am excited to join Valocity India and look forward to my role leading this transformation of the industry,” Sovan said. The mortgage valuation sector will play an essential role in growth, efficiency and expansion, he added.