Flipkart Co-founder Sachin Bansal buys majority stake in microfinance company CRIDS

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Ex-CEO and Co-Founder of e-commerce giant Flipkart, Sachin Bansal has acquired Chaitanya Rural Intermediation Development Services (CRIDS) by investing Rs 740 crore ($104 million). The this is biggest deal by Bansal ever since he let Flipkart.

Moreover, with this investment Bansal will be the new CEO of  CRIDS’s while founders Samit Shetty and Anand Rao will continue in their respective roles.

Earlier Bansal had invested Rs 25 crore in microfinance firm Chaitanya India Fin Credit (CIFCPL) run by CRIDS.

Chaitanya Rural Intermediation Development Services Private Limited is a Non-govt company which is owned by Chaitanya India Fin Credit. The company helps raising loans for low and middle income families who have traditionally stayed away from the formal banking sector. Along with that, it also organises financial literacy campaigns in rural communities across Karnataka, Bihar, and Maharashtra. CRIDS has 176 branches across India present in 32 districts, and a total of 1,582 employees.

Apart from NBFCs, Bansal has also shown his deep interest in Indian startups after his long innings in Flipkart. The noted entrepreneur has made investments in startup firms like Ather Energy, Bounce, Kissht, boAt, Vogo, and Krazybee.

Also Read  Flipkart Group and Govt of Jharkhand sign MOU to launch ‘Samarth’ in Jharkhand

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