Sachin Bansal, Flipkart’s co-founder, is all set to assume the charge as CEO at non-banking financial company CRIDS (Chaitanya Rural Intermediation Development Services) as Bansal has acquired stake in CRIDS for ₹739 crore, cited Business Standard.
An anonymous sources stated, “There will be a total infusion of Rs 739 crore from Sachin. He will assume the role of CEO of CRIDS…and will provide additional support to create further impetus to business growth… Both Samit Shetty and Anand Rao will continue in their respective roles of growing the existing business segments.”
The various business units will continue to operate as they have and there will be no significant change in management, it added.
CRIDS was started by Anand Rao and Samit Shetty in 2010. CRIDS provides credit access to under-banked population and a majority of its business is in microfinance. The fintech platform CRIDS also provides loans for two-wheelers, housing, small business and education. It operates in five states; Karnataka, Bihar, Jharkhand, Maharashtra, and Uttar Pradesh.
“This acquisition is our entry into financial services. 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.
Some of the fintech platforms under the similar roof as CRIDS include Aye Finance, Lending Kart, CRED, Faircent, Kissht and many more.