The ex-CEO of Flipkart is in action again. Sachin Bansal is gearing up to play the role of the executive in the Chaitanya Rural Intermediation Development Services. CRIDS’s communication confirms the news. He has invested around Rs 739 crore in this NBFC. After serving Flipkart for 11 years, he left the online giant in 2018. He sold his 5.5% stake of Flipkart to the Walmart in 2018.
In a statement, Sachin said, “This acquisition is our entry into financial services”. Further, he continued “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”.
The company does not yet disclose the exact percentage of stake in CRIDS. CRIDS operates Chaitanya India Fin Credit (CIFCPL). The founder of CRIDS Anand Rao and Samit Shetty will stay and plays their respective current roles.
“We are looking forward to benefiting from his 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,” said Samit Shetty.
This NBFC serves five states including Uttar Pradesh, Jharkhand, Karnataka, Bihar, and Maharastra providing loans for house, education, two-wheeler, and small business. It was incorporated in 2012 and provided loans worth Rs 625 crores. The primary task of the NBFC is to provide baking literacy in the above mention States.
After his exit from Flipkart, he tries his hands-on projects like Kissht, Krazybee, Ather Energy, boAt, Vogo, Ola cab, Unacademy, Grey Orange and Bounce.
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Let’s wait and see how Bansal entry into the NBFC proves. For all the news and updates around the world, keep coming to FinanceShed.