COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Sachin Bansal set to return as CEO with investment in microlender CRIDS

Sachin Bansal set to return as CEO with investment in microlender CRIDS

CRIDS provides loans for two-wheelers, housing, small businesses and education across Karnataka, Bihar, Jharkhand, Maharashtra, and Uttar Pradesh

BusinessToday.In
  • New Delhi,
  • Updated Sep 25, 2019 11:12 PM IST
Sachin Bansal set to return as CEO with investment in microlender CRIDSSachin Bansal will lead microlending firm Chaitanya Rural Intermediation Development Services as its chief executive officer. Photo credit: IANS

Flipkart co-founder and former CEO Sachin Bansal has reportedly invested Rs 739 crore in microlender Chaitanya Rural Intermediation Development Services (CRIDS) for an undisclosed stake. Following his investment, Bansal will take up the position of chief executive officer in the Bengaluru-based non-banking finance company (NBFC).

"There will be total infusion of Rs 739 crore from Bansal and he will assume the role of chief executive of CRIDS," the microlender said in a statement.

Advertisement

CRIDS was founded by Samit Shetty and Anand Rao who will continue to be associated with the business, CRIDS further said.

CRIDS was formed to extend financial services in rural regions of the country. The company provides loans for two-wheelers, housing, small businesses and education across Karnataka, Bihar, Jharkhand, Maharashtra, and Uttar Pradesh.

ALSO READ: EBay CEO Devin Wenig resigns, cites differences with board

"Samit and Anand have built a great company that provides much needed financial access to people who don't have access to other formal finance. I look forward to working closely with Samit and Anand and building further on the solid work they have done," Bansal said on his latest venture.

"We are looking forward to benefiting from Bansal's insights and experience with technology, and how that can be leveraged for improving access to financial services, financial inclusion and making our business better, more sustainable and customer-centric," Rao said.

Advertisement

Bansal exited Flipkart last year after US-based retail giant Walmart acquired majority stake in the e-commerce platform. He later sold his 5.5 per cent stake in Flipkart for $1 billion. In February this year, Bansal had invested Rs 650 crore in cab aggregator Ola in his personal capacity as an investor.

ALSO READ: Ford close to sealing JV deal with Mahindra in India: report

(With agencies' input)

Published on: Sep 25, 2019 10:57 PM IST
    Post a comment