Shyam Bhattbhatt: A Visionary CFO Inspiring Innovation
Shyam Bhattbhatt
CFO
Shyam Bhattbhatt has been one such evangelist who has been navigating uncertainty while making strategic decisions and inspiring a culture of innovation as the CFO of Rite Water Solutions. Beyond managing the financial health of the organization, he has played an instrumental role in shaping the vision and direction of the organization. He brings a remarkable blend of technical acumen, emotional intelligence, and ethical decision-making that has made his journey a noteworthy one.
In an exclusive interview with CEO Insights Magazine, Shyam Bhattbhatt, CFO at Rite Water Solutions walks us through his professional journey along with the unique traits of the company:
Could you give a brief account of your professional background and experiences? What is the motivation that fuels your daily routines?
From my early days in the corporate world, I learned the importance of accepting new responsibilities and converting challenges into opportunities. I gained a diverse range of experiences, including corporate finance, accounts, costing, merchant banking, and strategy. Throughout my career, I strived to garner experience in real-time and never settle for the status quo. I was always excited to venture out in unchartered territories. The motivation that fuels my daily routines is the desire to contribute to the wellbeing of society. Aligning my achievements with the greater good brings me true joy and enthusiasm. After joining Rite Water Solution, I realized that one can get real joy out of her/his day-today work, when s/he is able to align his achievements with that of the society in general and company in particular.
You possess over thirty-four years of experience. How has your path to
success been, and what is your success mantra?
The path to success has been filled with ups and downs, as challenges and failures are our greatest teachers. I firmly believe in the determination of never giving up, without compromising on principles and values. Perseverance and persistence hold more value than talent alone. Stagnation can cause irreparable damage, while continuous growth opens doors to new opportunities.One should strive to move forward irrespective of challenges, because all those who have achieved in life is in spite of problems and not in absence of problems.
How would you define Rite Water Solutions as an organization and its current position in the market?
Rite Water Solutions is a leading social enterprise specializing in potable water and water quality improvement solutions. It focuses on providing comprehensive, cost-effective, and sustainable solutions for safe drinking water in areas where water sources are chemically and biologically contaminated. Rite Water Solutions has earned a strong reputation in the market and has been recognized with prestigious awards for its innovative technology and commitment to excellence. It has continuously enjoyed a leadership position in the kind of business that it carries. It has several awards to its credit which include Bihar Innovation ForumII Award [2014], United States India Science and Technology Endowment Fund Award for Transforming Arsenic and Fluoride Crises in Drinking Water into an Economic Enterprise, World Water Leadership Award [2015], ASSOCHAM Innovation Award for “Best Innovative Technology in Water” [2017], Vidarbha Udyog Gaurav Award – Best Small-Scale Industry [2018], and Vidarbha Udyog Gaurav Award – Best Medium Scale Industry [2022]. Rite Water Solutions is a very dynamic organization and is currently working on new opportunities in new areas like IoT and renewable energy space. It is on verge of raising private equity funds from a water focused foreign fund.
As the CFO, what factors do you consider when determining the profitability of an investment?
When evaluating the profitability of an investment, I consider multiple factors. First and foremost, I assess the earning potential scalability and its sustainability. Additionally, I analyze the investment's impact on society, emphasizing environmental, social, and governance (ESG)
The path to success has been filled with ups and downs, as challenges and failures are our greatest teachers. I firmly believe in the determination of never giving up, without compromising on principles and values. Perseverance and persistence hold more value than talent alone. Stagnation can cause irreparable damage, while continuous growth opens doors to new opportunities.One should strive to move forward irrespective of challenges, because all those who have achieved in life is in spite of problems and not in absence of problems.
I aim to establish robust systems that will propel the company's growth & make it a natural leader in its segment
How would you define Rite Water Solutions as an organization and its current position in the market?
Rite Water Solutions is a leading social enterprise specializing in potable water and water quality improvement solutions. It focuses on providing comprehensive, cost-effective, and sustainable solutions for safe drinking water in areas where water sources are chemically and biologically contaminated. Rite Water Solutions has earned a strong reputation in the market and has been recognized with prestigious awards for its innovative technology and commitment to excellence. It has continuously enjoyed a leadership position in the kind of business that it carries. It has several awards to its credit which include Bihar Innovation ForumII Award [2014], United States India Science and Technology Endowment Fund Award for Transforming Arsenic and Fluoride Crises in Drinking Water into an Economic Enterprise, World Water Leadership Award [2015], ASSOCHAM Innovation Award for “Best Innovative Technology in Water” [2017], Vidarbha Udyog Gaurav Award – Best Small-Scale Industry [2018], and Vidarbha Udyog Gaurav Award – Best Medium Scale Industry [2022]. Rite Water Solutions is a very dynamic organization and is currently working on new opportunities in new areas like IoT and renewable energy space. It is on verge of raising private equity funds from a water focused foreign fund.
As the CFO, what factors do you consider when determining the profitability of an investment?
When evaluating the profitability of an investment, I consider multiple factors. First and foremost, I assess the earning potential scalability and its sustainability. Additionally, I analyze the investment's impact on society, emphasizing environmental, social, and governance (ESG)
aspects. Profitability must be aligned with ESG principles to ensure long-term relevance and sustainability. Furthermore, I consider whether the investment will improve the lives of beneficiaries, reduce socio-economic divides, and promote social justice.
Tell us about your leadership approach. What guidelines or methodologies do you follow as a leader?
Leadership styles should adapt to the situation at hand. I practice both participative and authoritative leadership styles. When time permits, I encourage participation and collaboration among team members. However, in time-sensitive situations, independent decision-making becomes essential. Regardless of the approach, I am always aware that the responsibility for failure lies with me. My guidelines as a leader include having a clear vision, being pragmatic and fair, leading by example, supporting weaker team members,fostering a sense of belonging ness, and instilling a strong value system.
What is the future destination you are heading towards?
On a professional level, my future destination is to successfully list Rite Water Solutions and provide a memorable exit to incoming foreign investors. I aim to establish robust systems that will propel the company's growth and make it a natural leader in its segment. On a personal level, after retirement, I intend to establish a foundation focused on helping orphans and the elderly, providing them with love, attention, and respect.
In the light of your strong experience within the industry, what advice would you give to the budding industry leaders?
The only advice that I would like to push upon is that one should be fair, keep learning and innovating, aim for excellence, embrace changes, and be flexible but never ever compromise on values.
Shyam Bhattbhatt, CFO, Rite Water Solutions
•Hobbies: Spending time with family, reading books, helping young people
•Favorite Cuisine: Simple Dal, Roti, Vegetable and Rice; with some Ice Cream
•Favorite Book: “You Can Win” – by Shiv Khera
•Favorite Travel Destination: Manali
•Awards & Recognition:
•National Scholarship for co-sharing first rank at B.Com [South Gujarat University]
•“Paushak Puraskar” – A cash prize of Rs. 15K [1999]
•Cash Prize of Rs.20K from NMiMS for securing 2nd Rank in Exe. MBA
•Appreciation letter from MD of Athi River Mining of Kenya
Tell us about your leadership approach. What guidelines or methodologies do you follow as a leader?
Leadership styles should adapt to the situation at hand. I practice both participative and authoritative leadership styles. When time permits, I encourage participation and collaboration among team members. However, in time-sensitive situations, independent decision-making becomes essential. Regardless of the approach, I am always aware that the responsibility for failure lies with me. My guidelines as a leader include having a clear vision, being pragmatic and fair, leading by example, supporting weaker team members,fostering a sense of belonging ness, and instilling a strong value system.
What is the future destination you are heading towards?
On a professional level, my future destination is to successfully list Rite Water Solutions and provide a memorable exit to incoming foreign investors. I aim to establish robust systems that will propel the company's growth and make it a natural leader in its segment. On a personal level, after retirement, I intend to establish a foundation focused on helping orphans and the elderly, providing them with love, attention, and respect.
In the light of your strong experience within the industry, what advice would you give to the budding industry leaders?
The only advice that I would like to push upon is that one should be fair, keep learning and innovating, aim for excellence, embrace changes, and be flexible but never ever compromise on values.
Shyam Bhattbhatt, CFO, Rite Water Solutions
•Hobbies: Spending time with family, reading books, helping young people
•Favorite Cuisine: Simple Dal, Roti, Vegetable and Rice; with some Ice Cream
•Favorite Book: “You Can Win” – by Shiv Khera
•Favorite Travel Destination: Manali
•Awards & Recognition:
•National Scholarship for co-sharing first rank at B.Com [South Gujarat University]
•“Paushak Puraskar” – A cash prize of Rs. 15K [1999]
•Cash Prize of Rs.20K from NMiMS for securing 2nd Rank in Exe. MBA
•Appreciation letter from MD of Athi River Mining of Kenya