"My strategy is simple—if you value my product or service, you pay in advance. If not, I don’t do business with you." - Pankaj Dubey
Pankaj Dubey, a dynamic leader and entrepreneur with a rich and varied career spanning over decades, recently sat down for an engaging conversation with DevikaMajumder, co-founder of Global Influencers Hub. Known for his transformative roles in the automobile industry and his entrepreneurial ventures, Pankaj shared his journey from being a mischievous child to becoming a visionary leader. His story is one of ambition, resilience, and the relentless pursuit of excellence. From his early days of shifting schools due to his father’s transferable job to his groundbreaking work in launching iconic products and startups, Pankaj’s journey is nothing short of inspiring. Here’s a glimpse into their conversation:
Devika Majumder: Welcome to Global Influencers Hub, Pankaj! We are thrilled to have you here. Our conversations go beyond surface-level success stories; we dive deep into the roots of influence, starting from childhood. So, tell us about young Pankaj—what was he like?
Pankaj Dubey: I was a very naughty child! In my extended family, everyone used to be terrified when I was around. I had a bit of an ‘angry young man’ persona, which mellowed down as I grew older.
Devika: Given the responsibilities and diverse career path you’ve taken, that transformation seems inevitable! Tell us about your schooling—any interesting stories to share?
Pankaj: My father worked in UP Roadways, which meant we had to move every few years. I studied in various cities like Varanasi, Allahabad, Aligarh, and Faizabad, before finally passing out from St. John’s School, BW. Every transfer meant adjusting to a new environment, new syllabus, and new friends.
One big challenge came when we moved to Ayodhya. I had been studying under the ICSE and ISC curriculum, but the schools there followed the UP Board. Suddenly, I had to prepare for board exams with Sanskrit as a compulsory subject! It was tough, but I adapted. Later, we moved back to Varanasi, and I resumed my convent education. Every shift came with its struggles, but looking back, it was a fun and enriching experience.
Devika: That’s quite an adventurous schooling journey! What came next?
Pankaj: I moved to Allahabad for college and studied at Allahabad University. I initially wanted to become an IAS officer and even cleared the PCS Mains exam a couple of times. But ultimately, due to changing political dynamics and policy shifts, I decided that the private sector was the better choice for me. Unlike most of my family members, who were in government jobs, I wanted to take a different route—one where I could make money ethically and create an impact in the corporate world. So, I pursued an MBA from Motilal Institute of Research and Business Administration in Allahabad and embarked on my professional journey.
Devika: That’s a bold decision! What drew you to the automobile industry?
Pankaj: I have always been passionate about automobiles—bikes, cars, everything! My first break came with Escorts Group, where I worked with their engineering division, handling brands like Mahle and Goetze. I started in planning and then moved into sales, marketing, and promotions.
Even in my school and college days, I used to tell my friends that one day, newspapers and TV channels would interview me. They laughed at me then, but I always believed in dreaming big. During job interviews, I was often asked where I saw myself in ten years. My answer? As a General Manager in a major company! One of the interviewers, an FMS Delhi graduate with 20 years of experience, scoffed at my ambition. He had yet to reach the GM position himself, so he doubted my goals. But I confidently told him, ‘I don’t know about you, sir, but I know I will get there.’
Devika: That’s incredible confidence! How did your corporate journey begin?
Pankaj: My first job at Escorts was eye-opening. The HR head told me that promotions only happened every three years, and it would take 15 years to reach a General Manager position. But I was determined to prove them wrong.
I worked hard, showed results, and went the extra mile. In just five years, I earned four promotions! When they refused to give me a fifth, saying I was too young for the next level, I left and joined Hero Motors at that same senior position.
That initial phase taught me valuable lessons about ambition, perseverance, and making a difference within an organization. I was fortunate to have a mentor, Mr. C.P.T. Partee, who believed in me even when others doubted my rapid rise.
Devika: How have these early experiences shaped your leadership style today?
Pankaj: Every time I met a great leader, I would observe what made them unique—what set them apart, what qualities they had that got them to where they were. I always asked myself, if I wanted to reach their position, what should I learn from them?
One of my biggest motivations came from a man named CP, who was 75 years old and still actively working for a charitable organization. He was also the head of a hospital in Aurangabad, and his energy fascinated me. He managed multiple tasks with a cool head, took critical decisions with ease, and earned immense respect.
Later, when I worked with the Munjals at Hero, I had multiple opportunities to interact with BrijmohanMunjal and O.P. Munjal. I worked in the mopeds and scooters division, and those interactions gave me invaluable insights—what to do, what not to do. Learning directly from icons like them helped me shape my own approach to leadership.
For example, I learned a crucial business lesson about credit while working at Hero. In business, there are two ways to operate—either sell a product on credit and chase payments later or sell only after receiving payment in advance. At Hero, I saw a situation where my predecessor had given credit to a client, who happened to be a Member of Parliament. Mr. Munjal was furious, saying, “Who gave you the power to extend this credit? You will never recover this money!” That incident stayed with me.
I realized that giving credit might boost sales in the short term, but it could also put the company at financial risk. That lesson became part of my business philosophy. When I later joined Yamaha, it was a 100% credit-based company. I transformed it into a 100% advance-payment company. Since then, I have never given credit in business. My strategy is simple—if you value my product or service, you pay in advance. If not, I don’t do business with you. This principle has served me well.
Devika: Can you share a fun memory from those days, something that still makes you smile?
Pankaj: One of the most amusing yet insightful moments was that very incident at Hero. Mr. Munjal’s reaction was unforgettable. He turned to the person responsible for the credit decision and said, “Did you think it was your father’s money that you could just give it away?” His words were sharp, but the message was clear—every financial decision must be made with accountability.
Devika: That’s an interesting twist in the story! Now, how did the transition from corporate leadership to entrepreneurship happen? What triggered that shift?
Pankaj: Honestly, I never saw myself as an entrepreneur in my early years. As a student or even in my 30s, my ambition was to climb the corporate ladder, maybe become a General Manager or a Head of Sales and Marketing. I never imagined I’d be a CEO, let alone start my own company.
But as I worked closely with entrepreneurs like the Munjals and Singhanias, as well as with Japanese and American leaders, I started absorbing their mindset. They often told me, “You think like an entrepreneur.” At Polaris, I even had a sign in my office that read, “Treat the company’s money as if it’s your own chequebook.” That’s the mindset I always carried—every decision should add value, and every expense should be justified as if it were my own money.
Devika: That’s an incredibly powerful perspective! I just had a similar conversation with my team about shifting from an employee mindset to an owner’s mindset.
Pankaj: Exactly! When you sign a check, it should feel like it’s coming from your own pocket. That level of responsibility changes everything. The biggest shift in my mindset happened when I transitioned from Hero to LML, where I launched the Freedom Motorcycle. It was a huge success. From there, I moved to Intex Technologies, an IT company, even though I had no prior experience in the field.
My former boss, who had moved to Intex, invited me to join him. I told him, “Sir, I don’t know anything about IT or selling laptops and computers!” But he said, “I know your abilities. Just come.” So I joined, and at the time, the company’s revenue was around ₹117–118 crores. In two years, we scaled it to ₹350 crores.
Then, the management challenged us to think outside the box. Everyone was coming up with ideas, but I decided to launch mobile phones for Intex. That decision changed everything. The chairman was sceptical, saying, “If this doesn’t work, we’ll have to shut down.” But I was confident. I told him, “This will not fail. In fact, this is what you will be known for.” And that’s exactly what happened. Intex became a household name for mobile phones, and the company later grew to ₹8,000 crores.
That success gave me the confidence to believe I wasn’t limited to the automobile industry. I could venture into new industries and make an impact. Later, I joined Yamaha, which was on the verge of shutting down in India. People said my career would end if I joined, but I took on the challenge. Yamaha not only survived but thrived, and that experience reinforced my ability to turn things around.
Then Polaris approached me. Initially, I rejected their offer, just like I had rejected Harley Davidson before them. But they convinced me, and when I joined, I was the first employee in India. They told me, “Find an office, build the team, and start from scratch.” That became my second startup experience—only this time, with someone else’s money!
These experiences—whether launching telecom at Intex, turning around Yamaha, or building Polaris from the ground up—shaped my entrepreneurial mindset. Eventually, after ten years at Polaris, I felt I had implemented all my ideas, and COVID made me reflect. That’s when the idea of DSPIN came to life.
Devika: So DSPIN was born out of this realization that you wanted to create impact beyond just one company?
Pankaj: Exactly! I wanted to support multiple startups, across different industries—not just automobiles, but also education, IT, and even the food industry. Many entrepreneurs are experts in their core business, but they need help scaling up or expanding into new areas. That’s where I come in. DSPIN is all about guiding businesses, helping them grow, and bringing global companies into India. So, that’s really interesting.
Devika: That’s fantastic, Pankaj. I’m going to be in touch with you on another initiative I’m working on—it’s called Youngpreneurs. It’s about instilling an entrepreneurial mindset in teenagers and beyond.
Pankaj: That sounds wonderful. As a Mentor of Change at NITI Aayog, I’ve adopted a few schools where we focus on identifying students’ skills at an early stage. The idea is to guide them so that if they want to start a company someday, we can help them right from the ground up.
Devika: Absolutely! Now, I’d love to hear more about your entrepreneurial journey. In one of my projects, I worked closely with an ex-CEO of a reputed multinational company who transitioned into entrepreneurship. He went from leading over 30,000 employees to managing just two people in his startup. That kind of shift—where everything was once served on a silver platter, and suddenly, you’re wearing multiple hats—can be overwhelming. As someone who has held leadership positions in corporate giants, how did you navigate that transition?
Pankaj: I consider myself fortunate to have worked in large organizations where I learned from structured teams and processes. But my real entrepreneurial experience began when I joined Polaris. Before that, I worked for a company called Coesfeld, where I had an eye-opening moment. A German executive, Mr. Weipert, once visited and asked me how many people were on my sales team. I proudly said, “About a hundred in marketing, plus another two to three hundred in after-sales and service.” Then I asked him how many people managed global operations from Germany, and he said, “Just three of us.” That shocked me! He explained how they efficiently structured their operations, and though it was theoretical to me at the time, I truly understood it when I moved to Polaris.
Devika: That’s a valuable lesson. It’s fascinating how these learnings shaped your entrepreneurial approach. So, when you started DSPIN, was your strategy different from your experience at Polaris?
Pankaj: Absolutely. At DSPIN, I didn’t want to build a large, traditional team. Instead, I focused on consulting-based operations where we deployed specialized teams for specific projects. That way, we avoided unnecessary overhead costs and ensured profitability from the start. Unlike many entrepreneurs who learn from losses, I was fortunate to gain my startup education at Polaris, where I made mistakes at the company’s expense, not my own. That experience now allows me to implement best practices without suffering losses.
Devika: That’s an enviable journey! Most entrepreneurs have to go through financial struggles to gain that experience, but you’ve had the advantage of learning in a corporate setting before applying it to your own venture. Now, shifting gears a bit—you’re a mentor at NITI Aayog and also associated with Stairs. How do you think leadership can drive social change?
Pankaj: Social impact has to come from within. You can’t impose it on people. Unfortunately, our education system focuses too much on rote learning and securing jobs rather than fostering social responsibility. If we instil these values early on—teaching students about the broader impact of their actions—they will naturally integrate social responsibility into their professional lives.
As leaders, we should always think about how our actions can contribute to society. For example, during my time at Polaris, we launched high-end motorcycles like the Indian Chieftain and Roadmaster, competing with brands like Harley-Davidson. Our customers participated in cross-country rides, and I saw an opportunity to integrate a social cause into these events. Instead of just organizing rides for fun, we decided to support girl child education. In every city we visited, we identified individuals or organizations doing commendable work in this space, honored them, and provided resources they lacked—whether it was school furniture, audiovisual equipment, or even bicycles for students who had to walk long distances. Small initiatives like these created a significant impact nationwide.
Devika: That’s such a powerful way to merge business and social good. Many companies engage in CSR, but this seems more personal and impactful. So, in your view, the key to social change is awareness and action?
Pankaj: Exactly. First, you need awareness—understanding the problem. Then, you need the right mindset to take action. India has so many organizations working towards different causes, whether it’s environmental sustainability, women’s empowerment, or education. The challenge is to find meaningful ways to contribute, rather than just donating money. When leaders integrate social impact into their work, it creates sustainable change.
Devika: Pankaj, I believe all leaders should stand for a social impact cause throughout their lives. What are your thoughts on this?
Pankaj: Absolutely, Devika. Every leader must have an intent to make an impact. That intent should be backed by action. It’s not just about running a business or building a career; it’s about making a difference. If a leader commits to a cause and consistently works toward it, their legacy will be defined not only by their professional achievements but also by the positive changes they bring to society.
Devika: That makes so much sense. And I think linking something meaningful to your main task adds to the satisfaction.
Pankaj: Exactly! It’s about adding value. For instance, I take pride in what we have achieved professionally, but it feels even better when we can say that we made an impact along the way. Imagine just going on long bike rides and ending the day with parties—there’s nothing wrong with that, but what if we could integrate social impact into it? What if, on the way, we contribute to communities, bring smiles to people, or solve some challenges? That is what makes a leader truly fulfilled. It’s a two-way benefit: society benefits, and you experience a deeper level of happiness.
Devika: Absolutely! Now, you have been recognized as a Top 50 Indian Icon and an Intellectual Icon. What do these accolades mean to you, and how have they shaped your leadership style?
Pankaj: Honestly, these are just recognitions. I feel fortunate to be acknowledged by people who matter, but I don’t work for awards. My goal has always been to create a meaningful impact. When you work with a pure intent, with innovation, and with a genuine desire to make a difference, recognition follows naturally. I always tell young entrepreneurs and professionals that success comes when you focus on what extra you can do. The differentiator is always in that ‘extra.’
Devika: That’s an excellent point! Going that extra mile makes all the difference.
Pankaj: Exactly! If you look at a 100-meter race, every athlete runs the same distance, but someone wins by a fraction of a second. Why? Because of that extra effort—whether it’s a better start, superior synchronization, or a final push at the finish line. The same principle applies to business. What extra are you bringing to the table? Whether it’s customer service, product quality, or innovation, that ‘extra’ is what sets you apart.
Devika: That’s such a great perspective. Now, what advice would you give to someone starting in the automobile industry?
Pankaj: Passion is the key. You must be genuinely excited about automobiles—cars, bikes, and everything about them. Your passion should come first, and then the business follows. If you’re passionate, every challenge will feel like an opportunity.
Also, never simply follow what others have done. For example, if you enter the automobile industry and say, “I’m going to compete with Hero or Bajaj,” you will struggle. Instead, find a niche that the big players haven’t fully explored. Establish yourself in that space with something unique and extra. Grow step by step, proving yourself in small segments before expanding.
Look at how Honda initially partnered with Hero and later entered the Indian market independently. They started with smaller steps, created their niche, and now they’re a formidable force in the industry. The lesson here is simple: don’t take on giants head-on; instead, carve your own space.
Devika: That’s very insightful! Also, the idea of ‘extra’ applies to business models too. Look at how Blinkit revolutionized deliveries!
Pankaj Dubey: Exactly! The pandemic saw a rise in online businesses, but delivery delays were a challenge. Then Blinkit came in and said, “We’ll deliver in 10 minutes.” That extra service changed the game. So always ask yourself: what’s that extra value you can provide? That should be a life mantra.
Devika: So true! Now, let’s talk about after-sales service. How important is it in the automobile industry?
Pankaj: It’s crucial! When someone buys a car or a bike, they are with that vehicle for five to ten years. During that time, they’ll visit service centers multiple times. This is where businesses can build lasting relationships. It’s similar to how jewellers operate—people keep going back to the same jeweller because of trust and service. The same should happen in the automobile industry. If your after-sales service is exceptional, customers will keep returning, making future business easier.
Devika: That’s a great takeaway. Now, entrepreneurship has its highs and lows. How do you handle those ups and downs?
Pankaj: Entrepreneurship is a rollercoaster. Some days, you land a big order and feel on top of the world. Other days, policies change, and you lose business. The key is to celebrate small wins. Acknowledging even the smallest success keeps you motivated and engaged.
Look at Pizza Hut—they have a bell you ring when you enjoy your meal. Businesses should have their own version of that. If you sell just two units when your goal is a thousand, celebrate those two sales. Discuss the experience, learn from it, and keep improving. Positivity attracts success.
Devika: That’s a wonderful mindset! What are some stress busters that help you stay balanced?
Pankaj: Hobbies are essential. Whether it’s singing, astrology, or any creative pursuit, hobbies help clear the mind. When I focus on music or astrology, I’m completely immersed, and my stress disappears. It’s about engaging in something that takes your mind off business challenges momentarily. It recharges you and allows you to return to work with fresh energy.
Devika: I love that! I actually have a sign on my desk that says, “Enjoy the little things.”
Pankaj: That’s a great philosophy! Celebrating small joys keeps you motivated and happy, which ultimately leads to long-term success.
Devika: Any unexpected hobbies or interests that you have?
Pankaj: Well, I think you already know I enjoy singing a lot.
Devika: Any particular type of song?
Pankaj: I love Kishore Kumar’s songs. His voice is just mesmerizing. I also enjoy doodling, but music has always been special to me.
Devika: That’s amazing!
Pankaj: You know, there’s actually a very interesting story from my school days. I was a very mischievous child, and one weekend, a singing competition was happening. A team came to my class and started nominating students. I pointed out my classmates, saying, “He’s a great singer,” or “She sings beautifully.” Then, suddenly, the teacher turned to me and said, “Write his name. He has to sing this time.” I was taken aback and immediately protested, “No, no, I’ve never sung on stage before.” I had only sung at home or in the bathroom, never in public! But my name was already listed, and I had no choice.
At first, I prepared a very classical song by Yesudas. But I was really nervous, and my turn didn’t come that Saturday, which meant another whole week of stress. In the meantime, my cousin introduced me to a Kishore Kumar song, and I absolutely loved it. I learned it by heart without even listening to the original version. On the competition day, I sang that song and ended up winning first prize! That moment completely changed my life. Suddenly, everywhere I went, people called me a singer. That day, when they announced my win, they asked me to sing another song. But I didn’t have another one prepared! So I just sang the same song again, and people still loved it.
Devika: That’s such an entrepreneurial mindset, actually! You adapted, took a chance, and it paid off.
Pankaj: Exactly! I think it’s that mindset of embracing opportunities, even if they feel unfamiliar. That’s what entrepreneurship is all about—being open to new experiences, learning quickly, and making the most of every situation.
Devika: I can relate to that. When I was at Clark University in Boston, we had an Indian association that was looking for singers. I had never performed on stage before, but a friend encouraged me. I didn’t know many Hindi songs, but she taught me one, and I just went for it. It’s about having that ‘why not?’ attitude, right?
Pankaj: Absolutely! That’s why I believe an entrepreneurial mindset is more of a life skill than just something related to business. It applies to everything.
Devika: That’s so true. And I also love the culture in Bengal, where extracurricular activities like singing, dancing, and dramatics are encouraged from a young age. I think it’s something that should be promoted nationally and even internationally.
Pankaj: Exactly. These creative outlets shape a person. They give children confidence, problem-solving abilities, and a sense of passion, all of which help in life.
Devika: Now, if you had to pick one moment that defined your professional path, what would it be?
Pankaj: I’d say my transition from the automobile industry to IT, when I launched the telecom business. At the time, I wasn’t entirely sure how I would navigate this new industry, but I figured it out, and it became a great success. That was a defining moment for me—stepping into the unknown and making it work.
Devika: Wonderful. And what is your ultimate vision for DSPIN and your personal journey?
Pankaj: At this stage, my focus is on making an impact on society. I believe I have received so much in life, and now it’s time to give back. I want to contribute to various startups and help them succeed. But beyond business, I want to make a difference in areas like girl child education, animal welfare, and women’s empowerment. Over the next 10-20 years, I want to create a meaningful impact in these areas. That, to me, is true success.
Rapid Fire with Pankaj
Devika: That’s truly inspiring. Let’s jump into a rapid-fire round now!
Pankaj: Sure!
Devika: One word that describes your leadership style?
Pankaj: Optimism.
Devika: If you could be the CEO of any other company for a day, which one would it be?
Pankaj: Ford. They exited India, but I’d love to make them successful here.
Devika: I’m sure Ford would love to hear that! If there was a movie about your life, who would play you?
Pankaj: My friend, Armadu. He knows me well enough to pull it off!
Devika: One book you’d recommend to every aspiring entrepreneur?
Pankaj: The 7 Habits of Highly Effective People. It’s an incredible book.
Devika: Agreed. What’s your go-to productivity hack?
Pankaj: Celebrating small wins. Every little success boosts motivation and drives you to achieve more.
Devika: What’s your guilty pleasure when it comes to food?
Pankaj: I love all the high-calorie items—samosas, gulabjamuns, and all the rich, indulgent food. That’s my weakness!
Devika:Haha! That’s a great answer. Now, describe your perfect weekend in three words.
Pankaj: Relax with family.
Devika: Nice! And what’s the first thing you’d do if you won a lottery?
Pankaj: The first thing I’d do is set aside 1% for a celebration—assuming it’s a big amount, that 1% will be a good celebration. Then, 50% will go toward contributing to society, and the remaining 49% will be invested so that we can continue making an impact in the long run.
Devika: Love that perspective! Unlimited free time or unlimited money?
Pankaj: Unlimited free time.
Devika: Interesting! What was the last book you read that you absolutely loved?
Pankaj: Autobiography of a Yogi.
Devika: Ah, okay. That’s a powerful book. Now, what’s one professional goal you’re still striving to achieve?
Pankaj: To make DSPIN a big name and contribute substantially to the industry.
Devika: Wonderful. If you had to pick a theme song for your life, what would it be?
Pankaj: ZindagiEk Safar Hai Suhana.
Devika: That’s a great one! It has that upbeat optimism, doesn’t it?
Pankaj: Yes, absolutely. The song has a very meaningful message—what has happened has happened, forget about it, and focus on the future and what you can do now. That philosophy resonates deeply with me.
Devika: That’s truly powerful. Lastly, if you had to sum up your life mantra, what would it be?
Pankaj: Always think about how you can be of use to others. How can we make others successful? The moment you start focusing on that, leadership comes naturally. If you tell someone, “I will make your company successful” or “I will help you grow,” you automatically step into leadership. That’s the hack I believe in.
Devika: That’s an incredible mindset. It was such an awesome conversation, Pankaj! I’ve really enjoyed talking to you. And we’ll be in touch for the other project I mentioned. In the meantime, my team will coordinate with you for a couple of videos and some stills. If I think of anything else, I’ll send it your way.
Pankaj: Perfect, sounds great! Thank you so much.
Devika: Thank you! Nice meeting you.
Pankaj: Likewise. Bye!
Devika: Bye!