Ex-HDFC Chairman Deepak Parekh: "The IPO failed miserably. And we lost money"

Описание: How did housing finance in India begin, and how did one small startup become a India's most trusted financial institution? In this episode of The Secret Sauce Podcast, Mr Deepak Parekh shares the untold story of how HDFC pioneered home loans in India and changed the way millions of Indians think about owning a home.

Mr. Deepak Parekh is the former Chairman of HDFC and a pioneer of India’s housing finance industry. Over four decades, he helped build an entirely new financial system at a time when long-term home loans barely existed, when HDFC’s IPO had failed, and when most people doubted the very idea of ordinary Indians borrowing to buy homes. From those uncertain beginnings, he helped create an institution that reshaped India’s middle class and set new standards for ethics, governance, and long-term leadership.

He explains:
• Why IPOs are milestones, not real measures of success
• Why integrity matters more than aggressive growth
• How empowering employees creates lasting institutions
• The leadership habits that build trust over decades
• The right way to think about real estate and home ownership
• How housing finance changed India’s middle-class future
• What separates companies from true institutions
• Why patience beats shortcuts in business

This conversation is a masterclass on institution building, leadership, and long-term decision-making. If you want to understand what it really takes to create businesses that last generations, this episode is essential viewing.


0:00 – Trailer
01:26 – Episode Starts
02:09 – The Salaried Entrepreneur mindset
03:11 – Sharing wealth: ESOPs for drivers and clerks
04:24 – Why the Chairman owns less than 0.1%
06:16 – Leaving a cushy job for a startup
09:05 – Are you crazy?: Early rejection
09:30 – The IPO failure story
12:16 – Merging with the bank
13:25 – Relationship with H.T. Parekh
15:41 – Founders vs. Career Executives
16:53 – The Indian dream of owning a home
18:29 – Real estate prices and bubbles
20:49 – How to know if a builder is reliable
23:22 – Under-construction vs. Ready-to-move-in
25:18 – The crisis of affordable housing
26:50 – Ethics: A pillow of clear conscience
27:38 – Saying No to People
28:35 – When the President of India asked for a favor
29:23 – Foreclosures
30:16 – Handling the cash component dilemma
33:13 – Training staff in empathy
36:28 – Reducing turnaround time
37:02 – The Narayana Murthy story
39:10 – Integrity and code of conduct
40:45 – Hiring on gut intuition
41:57 – Lessons from Keshub Mahindra
43:41 – Staying humble with massive success
45:47 – The HDFC merger explained
47:00 – Biggest regret: The RBI Governor role
48:55 – Navigating the 2008 Financial Crisis
50:54 – Future Outlook: Financial Services
52:49 – Renewables and EVs
54:18 – Semiconductor manufacturing
55:30 – Blind spots: Housing & Shipping
56:51 – Three rules: Reputation, Money, Character
57:28 – Investment advice
59:22 – Life after retirement
1.01.24 – Passion Projects






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About The Secret Sauce Podcast
The Podcast brings together world-class minds to decode what drives better health, performance, and decision-making in the modern world.

Hosted by Oscar-nominated filmmaker and entrepreneur Mukul Deora, the podcast features thoughtful conversations with experts and practitioners who will sharpen the way you think, live, and lead.

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