Deepak Ravindran : Revolutionizing Energy Landscape & Fostering Global Utility Innovation
Deepak Ravindran
CEO
Deepak Ravindran, CEO of Kraken Utilities, is a transformative leader in the utilities sector, embodying a commitment to innovation,sus- tainability, and customer-centricity. With a rich background spanning various facets of the industry, he brings a wealth of experience and vision to the helm of Kraken Utilities.
Deepak Ravindran assumed the role of CEO driven by a profound belief in the company's mission to revolutionize the utility sector. Under his leadership, Kraken has emerged as a beacon of innovation, leveraging cutting-edge technology to redefine the customer experience and foster sustainable practices. Beyond his corporate endeavors, he is a staunch advocate for enviro-nmental conservation and social responsibility. He continues to inspire and lead by example, guiding the company toward new frontiers of success while staying true to its core values of integrity, innovation, and empowerment.
In an exclusive interaction with CEO Insights, Deepak Ravindran enlightens us more about his professional traits and his leadership attributes at Kraken Utilities.
Brief us about your edu-cational back ground and professional experiences.
I was born to two educators: my mother, who ran a school, and my father, a professor at an engineering college in Kanpur. I completed my education up to class 12 in Kanpur before pursuing engineering at IIT Varanasi and an MBA from IIM Calcutta. Upon graduation, I joined ICICI, where I was part of the founding team for ICICI Direct, India’s first online trading platform, launched in the late '90s. This venture was highly successful, and the experience taught me the importance of customer centricity, innovation, and adaptability in a rapidly changing market.
After ICICI, I joined as a founding team member, taking it public as India's first Tech product company. This venture was listed on the NSE/HSE, but following the market downturn, I transitioned back to banking in Chennai with Citicorp and then moved to Singapore. I joined DBS Bank, the most technologically advanced bank in Southeast Asia, which honed my skills in tech driven financial services.
The consulting bug bit me, and I spent 15 years with BCG (Boston Consulting Group) across Sing- apore, New York, and London, focusing on trans-forming banks, telecoms, and utilities globally. This role allowed me to work with large regulated organizations in every continent, helping them in transforming using technology.
Through the process of transforming one of the big 6 utilities, I came across Octopus Energy in 2018. Fast forward to today, Octopus Energy is the UK's second-largest energy player and the largest in the electricity market, with a presence in eight countries and significant renewable energy operations. Kraken, its technology platform, supports 54 million accounts globally across energy, water, and broadband.
Under your leadership, how are you fostering a culture of innovation among the team?
We foster a culture of innovation by maintaining a startup ethos even as we scale globally. At Octopus Energy, we operate without a traditional HR department, empowering mana- gers to do right by their teams. Employees have the freedom and support to drive the company's success. Consistently ranked as one of the best places to work in the UK, we encourage leaders to develop new ventures with minimal governance, fostering creativity. This approach has led to the successful incubation of many businesses that in their own right are becoming leaders like Heat pump manufacturers, EV leasing, EV charging payments net-works, zero bill homes to name a few, leveraging our culture to inspire and empower innovation.
How do you maintain the financial health of the company?
Maintaining the financial health of the company is a delicate balance of long-term vision and immediate impact. As a privately backed entity with steadfast, enduring capital, we have the luxury of focusing on our purpose rather than succumbing to short-term pressures. This affords us the freedom to prioritize initiatives aligned with our mission to create a positive impact and foster innovation. Kraken has always been a profitable company.
Octopus Energy (OE) our sister company and part of the Octopus Energy Group (OE-G), and our first customer, reached profitability last year, while profit could have been attained earlier, our ethos prioritizes customers and given the energy crises, we did not pass on all the cost rises onto customers.
Innovatively, OE incentivizes customers to use less of our product through initiatives like 'Saving Session', which offers energy-saving tips, engaging nearly 300,000 customers and saving them 10-12 percent on their bills. Recognizing the societal and environmental benefits of onshore wind energy. OE launched 'Fan Club', granting residents near wind farms up to 50 percent off their electricity bills. Leveraging technology, our 'Winder' program (Tinder for wind), connects communities willing to host wind farms with developers, fostering rene-wable energy growth.
Additionally, OE’s unique rewards system encourages energy conservation, further distinguishing us as pioneers in customer-centric utility services and the sole utility company globally offering incentives to customers for reducing their product usage. These innovative strategies not only fortify financial resilience but also underscore commitment to societal and environmental well-being, epitomizing the ethos of purpose-driven profitability.
How do you attract new market leaders to align with your vision and mission?
Our purpose is to 'make a big green dent in the universe'. When we extend our Kraken platform or operating models to other companies, we aim to empower them with our technology. We realized that if we have to accelerate the positive impact on the planet we need to share our technology and operating model with our competitors. Understanding that legacy systems hinder innovation and service expansion, we chose to license our software, enabling even our rivals to embrace transformative initiatives. We enable them to innovate and launch new products efficiently, thus accelerating the energy transition.
For instance, our platform facilitates dynamic pricing models where customers are incentivized to consume electricity during off-peak hours,
We foster a culture of innovation by maintaining a startup ethos even as we scale globally. At Octopus Energy, we operate without a traditional HR department, empowering mana- gers to do right by their teams. Employees have the freedom and support to drive the company's success. Consistently ranked as one of the best places to work in the UK, we encourage leaders to develop new ventures with minimal governance, fostering creativity. This approach has led to the successful incubation of many businesses that in their own right are becoming leaders like Heat pump manufacturers, EV leasing, EV charging payments net-works, zero bill homes to name a few, leveraging our culture to inspire and empower innovation.
By championing inno-vation & enhancing customer experiences, we strive to redefine the utility sector's perception & impact positively on both the environment & the lives of customers
How do you maintain the financial health of the company?
Maintaining the financial health of the company is a delicate balance of long-term vision and immediate impact. As a privately backed entity with steadfast, enduring capital, we have the luxury of focusing on our purpose rather than succumbing to short-term pressures. This affords us the freedom to prioritize initiatives aligned with our mission to create a positive impact and foster innovation. Kraken has always been a profitable company.
Octopus Energy (OE) our sister company and part of the Octopus Energy Group (OE-G), and our first customer, reached profitability last year, while profit could have been attained earlier, our ethos prioritizes customers and given the energy crises, we did not pass on all the cost rises onto customers.
Innovatively, OE incentivizes customers to use less of our product through initiatives like 'Saving Session', which offers energy-saving tips, engaging nearly 300,000 customers and saving them 10-12 percent on their bills. Recognizing the societal and environmental benefits of onshore wind energy. OE launched 'Fan Club', granting residents near wind farms up to 50 percent off their electricity bills. Leveraging technology, our 'Winder' program (Tinder for wind), connects communities willing to host wind farms with developers, fostering rene-wable energy growth.
Additionally, OE’s unique rewards system encourages energy conservation, further distinguishing us as pioneers in customer-centric utility services and the sole utility company globally offering incentives to customers for reducing their product usage. These innovative strategies not only fortify financial resilience but also underscore commitment to societal and environmental well-being, epitomizing the ethos of purpose-driven profitability.
How do you attract new market leaders to align with your vision and mission?
Our purpose is to 'make a big green dent in the universe'. When we extend our Kraken platform or operating models to other companies, we aim to empower them with our technology. We realized that if we have to accelerate the positive impact on the planet we need to share our technology and operating model with our competitors. Understanding that legacy systems hinder innovation and service expansion, we chose to license our software, enabling even our rivals to embrace transformative initiatives. We enable them to innovate and launch new products efficiently, thus accelerating the energy transition.
For instance, our platform facilitates dynamic pricing models where customers are incentivized to consume electricity during off-peak hours,
supporting the integration of renewable energy sources. Moreover, our EV charging product optimizes charging times based on grid demand, offering substantial savings to customers and bolstering EV adoption. Additionally, we utilize EV batteries to stabilize the grid during peak demand, reducing reliance on fossil fuel generators. In water, our technology will help reduce leakage and reduce per capita consumption reducing the environmental impact. By sharing our technology and operating model with others, we aim to drive widespread adoption and impact. Currently serving 54 million customers, we anticipate extending this reach to 100 million soon, amplifying our collective impact on the energy landscape.
What kinds of impacts do you see yourself creating in your professional journey?
In my professional journey, I envision impactful contributions to both energy transition and water conservation. While water conservation is often overlooked due to its abundance in some regions, it remains a critical issue globally. Collaborating with water companies in the UK, we strive to reduce per capita water consumption by empowering customers to understand and minimize their usage. My aspiration is to expand this approach globally, encouraging utilities worldwide to adopt our platform. By collectively addressing these pressing environmental concerns, we aim to effect meaningful change.
Driven by purpose, I joined Kraken with a commitment to transform utilities entities often associated with inefficiency and customer dissatisfaction into beloved organizations akin to Octopus Energy. My personal aspiration is to cultivate a paradigm shift, wherein at least 100 utilities emerge as customer-centric, environmentally cons- cious entities. By championing innovation and enhancing customer experi- ences, we strive to redefine the utility sector's perception and impact positively on both the environment and the lives of customers.
Deepak Ravindran, CEO, Kraken Utilities
Deepak Ravindran, CEO of Kraken Utilities, is a transformative leader in the energy and utilities sector, driven by a passion for innovation and positive change. With a background in engineering and business administration from prestigious institutions like IIT Varanasi and IIM Calcutta, he spearheaded initiatives at ICICI, DBS Bank, and BCG before leading Kraken. His vision for sustainable energy solutions and customer centricity propels Kraken as a trailblazer in the industry, embodying his commitment to societal impact and environmental stewardship.
•Hobbies: Hanging out with my kids, sports and cars
•Favorite Dish: Chilli Pan Mee
•Favorite Book: Catch-22 and Autobiography of Lee Kuan Yew
•Favorite Travel Desti-nation:Beach
•Awards (OE/Kraken)
.UK Business Awards
.2023 - Gold Award Winner - Overall Winner
.2023 - Best Customer
.2023 - Best Company to Work for
.Green Apple Environment Awards
.2023 - Good Winner-Fuel, Power, Energy
.British Data Awards 2022
.Utility Weekly Awards
.2019 + 2022 - Utility of the Year Octopus
.2021 - Utility Partner of the Year
.The UK’s Top 5 Best Large Companies To work for 2022
.The UK’s 100 Best Large Companies To work for 2022
.The International Business Awards
.2022 - Company of the Year-Utilities Large
.2022 - Most Innovative Company of the Year - more than 2,500 Employees
.2022 - Fastest Growing Company of the Year - in Europe
What kinds of impacts do you see yourself creating in your professional journey?
In my professional journey, I envision impactful contributions to both energy transition and water conservation. While water conservation is often overlooked due to its abundance in some regions, it remains a critical issue globally. Collaborating with water companies in the UK, we strive to reduce per capita water consumption by empowering customers to understand and minimize their usage. My aspiration is to expand this approach globally, encouraging utilities worldwide to adopt our platform. By collectively addressing these pressing environmental concerns, we aim to effect meaningful change.
Driven by purpose, I joined Kraken with a commitment to transform utilities entities often associated with inefficiency and customer dissatisfaction into beloved organizations akin to Octopus Energy. My personal aspiration is to cultivate a paradigm shift, wherein at least 100 utilities emerge as customer-centric, environmentally cons- cious entities. By championing innovation and enhancing customer experi- ences, we strive to redefine the utility sector's perception and impact positively on both the environment and the lives of customers.
Deepak Ravindran, CEO, Kraken Utilities
Deepak Ravindran, CEO of Kraken Utilities, is a transformative leader in the energy and utilities sector, driven by a passion for innovation and positive change. With a background in engineering and business administration from prestigious institutions like IIT Varanasi and IIM Calcutta, he spearheaded initiatives at ICICI, DBS Bank, and BCG before leading Kraken. His vision for sustainable energy solutions and customer centricity propels Kraken as a trailblazer in the industry, embodying his commitment to societal impact and environmental stewardship.
•Hobbies: Hanging out with my kids, sports and cars
•Favorite Dish: Chilli Pan Mee
•Favorite Book: Catch-22 and Autobiography of Lee Kuan Yew
•Favorite Travel Desti-nation:Beach
•Awards (OE/Kraken)
.UK Business Awards
.2023 - Gold Award Winner - Overall Winner
.2023 - Best Customer
.2023 - Best Company to Work for
.Green Apple Environment Awards
.2023 - Good Winner-Fuel, Power, Energy
.British Data Awards 2022
.Utility Weekly Awards
.2019 + 2022 - Utility of the Year Octopus
.2021 - Utility Partner of the Year
.The UK’s Top 5 Best Large Companies To work for 2022
.The UK’s 100 Best Large Companies To work for 2022
.The International Business Awards
.2022 - Company of the Year-Utilities Large
.2022 - Most Innovative Company of the Year - more than 2,500 Employees
.2022 - Fastest Growing Company of the Year - in Europe