More about Nirina Rajaonary
Nirina joined Inside as a Principal in January 2024, based out of our Madagascar office. After an extremely successful career spanning 14 years in the luxury hospitality industry, across France, Mauritius, the United Arab Emirates & Djibouti, working for premier companies like Relais & Châteaux hotels, One & Only Resorts, and Kempinski Hotels and Resorts, Nirina returned to his roots. Once in Madagascar, in 2010, he was surprised to learn that all the toilet paper in his country was being imported. Sensing an opportunity, he set out on a journey of creating Société de Production d’Articles Hygiéniques (S.P.A.H), the only tissue paper mill in Madagascar and the Indian Ocean region to use recycled paper as raw materials. Despite no background in the industry, he built a successful business from scratch. He participated in all the important stages of the business which included sourcing a supplier for the production line from China, securing funding, importing required materials and machinery, installation and commissioning of the production line, staff recruitment and training, creating and growing the brand, and establishing a distribution network. Within 5 years, his brainchild became the industry leader within the country, with a market share of 45%, and an EBITDA margin of 34%. More importantly, they recycled over c.1,500 tons of waste paper per year and provided employment to 95 people. He successfully exited from the company in December 2022 to pursue the Sloan programme at London Business School. Nirina was also actively involved in the development of the private sector in Madagascar as President of Jeune Patronat de Madagascar and the Vice-President of the Groupement des Entreprises de Madagascar which is the largest employers’ organization of Madagascar. Nirina holds a MSc in Leadership & Strategy from the London Business School and an MBA in International Hospitality Management from ESSEC Business School.

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More about Habib Hassim
Habib joined Inside in 2019. He now heads the fund’s Madagascar office and manages its Reneworld investment, besides being an entrepreneur on the side. Born and raised in Madagascar, Habib came back to the island in 2011, joining the family business and leading restructuring and fundraising projects as well as developing a sound approach to high-level recruitment. In 2012, he started a call centre in Madagascar that pivoted to focus exclusively on data labeling in 2016, providing AI services to some of the largest US tech giants. The company now counts 1000+ employees, and deployed a sustainable impact model that provides opportunities to marginalised young people in Madagascar. Habib retired from its operations in 2017 to remain Executive Chairman. A firm believer in the importance of ethics in business and economic development, he also leads on communications at Inside. Habib holds an MSc in Audit & Accounting from Paris Business School and a MSc in International Management from ESSEC Business School, France.

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