About Toshan

Toshan coleads McKinsey’s Private Equity & Principal Investors Practice in Southeast Asia. In this capacity, he helps private-equity firms, limited partnerships, sovereign-wealth funds, and hedge funds make value-creating investments across asset classes and create postinvestment value through strategic portfolio management and governance. As the leader of McKinsey’s work on payments in Asia, he advises telecommunication companies, traditional banks, and financial-technology innovators on business models, operating strategies, and technology.

Toshan recently relocated to Jakarta from Mumbai. For a number of years, he served as the leader of McKinsey’s Financial Services Practice in India, where he worked with leading banks, insurance companies, asset managers, as well as regulators and policy makers across India and Southeast Asia.

Examples of Toshan's recent client work include the following:

  • advising a leading private bank in India on various dimensions of retail strategy, including organization structure, retail productivity, branch expansion, and the creation of an affluent-banking franchise
  • helping three banks develop wealth-management and private-banking strategies and expand their presence in this space
  • supporting a leading digital marketplace and wallet client in crafting its banking strategy
  • leading over 14 due-diligence efforts for private-equity groups interested in investing in retail banking and consumer-finance entities in Southeast Asia
  • helping a leading Asian private-equity investor incubate a $3 billion small-to-medium-enterprise finance book using a combination of organic and inorganic strategies (such as roll-ups, partnerships, and portfolio buyouts)
  • supporting a global pension fund in assessing infrastructure investment opportunities—both greenfield and brownfield—across Asia

Toshan is also skilled in domestic and cross-border mergers, acquisitions, and divestitures. For example, he recently supported two banking mergers in South Asia, which involved the merger of retail franchises, branch networks, IT systems, call centers, and operations. He also helped to structure a joint venture between a global infrastructure organization and an Asian developer.

Prior to joining McKinsey, Toshan worked for a leading private-equity fund in India, focusing on investments in the financial-services and infrastructure space. Outside of McKinsey, Toshan is an avid martial arts practitioner.

Published work

The digital archipelago: How online commerce is driving Indonesia’s economic development,” McKinsey & Company, August 2018

Private equity and India’s economic development,” McKinsey & Company, August 2015

Asian wholesale banking: Winning in the new battleground,” McKinsey & Company, March 2011

Asia's $1 trillion infrastructure opportunity,” McKinsey & Company, March 2011


Indian Institute of Management, Ahmedabad