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Rafiq LemzethiChief Product Officer · Essays & perspective

Rafiq Lemzethi · Chief Product Officer · India

From describing the offer to shaping the agreement

FOLIO 1Apr 2021 — Present

Chief Product Officer

Veqmari Finish Exchange

Sector
Marketplace for unused surplus tiles and non-structural interior finishes
Ownership
Founders 49%, employee vehicle 19%, regional fund 32%; no personal shares
Company scale
₹48 crore FY ending March 2026 service revenue; ₹290 crore merchandise value reported separately
Employees
210 company employees
Geography
Jaipur headquarters and regional Indian seller relationships
Reporting to
CEO Lalitha Qemzavi
Team
34 product colleagues through four leads
Financial scope
₹7.2 crore FY 2026–27 function expense; separate ₹1.6 crore discovery programme

Mandate

Shape marketplace quantity, selection and transaction commitments around supported service arrangements

Outcomes

  • Introduced a bounded partial-lot route with the remainder retained
  • Separated saving, hold requests and seller confirmation
  • Made batch identity visible during selection
  • Removed automatic substitution from the alternative-material proposition

Decisions in context

I became CPO in April 2021 with responsibility for the product proposition across discovery and transaction stages. My 34 colleagues work through four leads within ₹7.2 crore FY 2026–27 expense and a separately approved ₹1.6 crore discovery programme. Lalitha retains enterprise commitments; engineering, seller operations, quality, legal and finance keep their own decisions. Company service revenue of ₹48 crore and merchandise value of ₹290 crore describe different accounts. The partial-lot programme challenged my own preference for clearance simplicity. Later work clarified holds, batch identity and the point at which a suggested alternative requires buyer-led review. I have neither a personal shareholding nor a statutory seat. The next chapter should turn those experiences into oversight questions while preserving the distinction between shaping a product and approving another enterprise's materials, contracts or operating commitments.

Reason for the move

Continuing product leadership while preparing for a first external board role

FOLIO 2Jul 2015 — Mar 2021

Head of Product

Veqmari Finish Exchange

Sector
Regional surplus-finish marketplace services
Ownership
Privately held marketplace enterprise
Company scale
₹31 crore company service revenue for FY ending March 2016
Employees
156 company employees
Geography
Indian regional trade and project-buyer relationships
Reporting to
Chief Executive Officer
Team
22 product colleagues through three leads
Financial scope
₹3.8 crore annual function expense

Mandate

Connect a browsable catalogue with the commitments required to complete a transaction

Outcomes

  • Brought seller-service constraints into product briefs
  • Examined the meaning of saved and requested stock
  • Separated product selection from specification authority

Decisions in context

The July 2015 appointment brought twenty-two colleagues through three leads and ₹3.8 crore annual expense. Veqmari employed 156 people and reported ₹31 crore service revenue for FY ending March 2016. We were improving discovery, but I became increasingly concerned with what happened after a buyer found an attractive offer. The project might require a particular quantity, a confirmed availability period or an approval that the buyer did not personally hold. A successful browsing experience could therefore lead into a poorly understood commitment. I worked with seller services to make those conditions part of the product discussion earlier. The promotion to CPO later widened the enterprise responsibility without transferring legal interpretation, material approval or operating delivery into the product team. The work remained a collaboration around what the marketplace could credibly offer.

Reason for the move

Appointed CPO as the marketplace proposition widened

FOLIO 3Sept 2009 — Jun 2015

Product Manager

Veqmari Finish Exchange

Sector
Unused-surplus tile and interior-finish marketplace
Ownership
Private regional platform
Company scale
₹16 crore company service revenue for FY ending March 2010
Employees
92 company employees
Geography
Regional Indian sellers and project buyers
Reporting to
Head of Marketplace Services
Team
11 product colleagues through two leads
Financial scope
₹1.2 crore annual product expense

Mandate

Turn recurring trade-service misunderstandings into clearer selection and transaction experiences

Outcomes

  • Connected catalogue design with seller and buyer expectations
  • Brought operating colleagues into early product review
  • Kept technical suitability outside the platform's selection claims

Decisions in context

I joined Veqmari in September 2009 with eleven colleagues through two leads and ₹1.2 crore annual expense. The marketplace had 92 employees and ₹16 crore service revenue for FY ending March 2010. The move let me address recurring trade-service questions through the product itself rather than explain them again after each enquiry. A quantity field, a status label or a group of similar listings could change what a buyer believed was available. I learned to examine those beliefs with the people handling the actual seller relationships. The role did not make me a material specifier or contract approver. It made me responsible for a clearer route through the choices the platform supported, with professional and operating decisions still retained by the people qualified and authorised to make them.

Reason for the move

Promoted to lead the growing product function

FOLIO 4Apr 2003 — Aug 2009

Trade-service Lead

Nerqoli Trade Services

Sector
Trade-catalogue and seller-service support
Ownership
Privately owned regional service firm
Company scale
₹31 crore company revenue for FY ending March 2004
Employees
163 company employees
Geography
Indian regional trade relationships
Reporting to
Service Director
Team
Eight service colleagues through two leads
Financial scope
₹54 lakh annual function expense

Mandate

Clarify quantities, availability and the meaning of enquiries between trading parties

Outcomes

  • Distinguished buyer interest from an agreed stock commitment
  • Connected catalogue records with the service conversation
  • Explained unresolved conditions before treating an enquiry as complete

Decisions in context

From April 2003 I led eight colleagues through two leads with ₹54 lakh annual expense. Nerqoli had 163 staff and ₹31 crore revenue for FY ending March 2004. The work followed the questions that the catalogue alone did not settle. A seller might be discussing the same lot elsewhere, while a buyer might still need a project colleague to confirm the requirement. Passing the message quickly was useful only if each party understood what had and had not been agreed. I learned to make unresolved conditions explicit without making the service needlessly complicated. Product management later offered a way to address those recurring misunderstandings before they became individual support conversations. The move changed the means of solving the problem, while preserving the need to understand the commitments behind an apparently ordinary enquiry.

Reason for the move

Moved into marketplace product management to address recurring service problems earlier

FOLIO 5Jul 1997 — Mar 2003

Catalogue Coordinator

Nerqoli Trade Services

Sector
Trade-catalogue administration
Ownership
Private regional services business
Company scale
₹12.8 crore company revenue for FY ending March 1998
Employees
63 company employees
Geography
Indian regional trade customers
Reporting to
Catalogue Supervisor
Team
Contributor in a six-person catalogue group; no direct reports
Financial scope
No delegated spending authority

Mandate

Prepare clear stock descriptions and reconcile questions about the offer

Outcomes

  • Learned to distinguish a complete record from an understandable offer
  • Checked quantity and description questions under supervision
  • Observed how catalogue wording shaped later expectations

Decisions in context

I began at Nerqoli in July 1997 after completing commerce the previous month. The business employed 63 people and recorded ₹12.8 crore revenue for FY ending March 1998. I worked within a six-person catalogue group without direct reports or spending authority. A description could contain every required field and still leave the buyer uncertain about the actual offer. I helped supervisors reconcile quantity and wording questions, learning to look at the record from the perspective of someone planning a purchase. I did not negotiate contracts or approve the material's use. The role gave me a practical interest in how a small description affects a larger decision. Trade-service leadership later brought the conversations around those records into my remit, making their consequences more immediate and the need for clear commitments more visible.

Reason for the move

Promoted into trade-service leadership

What I am looking for next

I would consider one first external board role where a marketplace or service product makes consequential commitments to customers and partners. My experience could help directors examine the meaning of a transaction state, the obligations created by a new feature and the boundary between discovery and professional approval. I would need to learn the prospective company's economics, operating model and governance responsibilities before applying lessons from surplus finishes. I hold no statutory seat or personal shares in Veqmari. Fictional IICA registration is recorded in May 2026, with assessment unfinished and no exemption asserted. Twenty-four days must be tested against induction, preparation, meetings, travel and exceptional demands. Lalitha's consent and a review of sellers, project buyers, service providers and ownership relationships would precede a mandate. I would value a chair who expects a product perspective to complement financial and operating expertise, and who welcomes examination of a director's own assumptions. The contribution should fit a real board need and the conditions in which it can be made responsibly.