20C
Delhi
Wednesday, January 27, 2021

Sachin Bansal pumps Rs 740 crore in NBFC, becomes CEO

- Advertisement -

Sachin Bansal pumps Rs 740 crore in NBFC, becomes CEOBengaluru, Sep 25 (IANS) Sachin Bansal who exited Flipkart with about $1 billion in pocket, has invested Rs 740 crore ($104 million) into Bengaluru-headquartered Chaitanya Rural Intermediation Development Services Private Limited (CRIDS), a non-banking financial company (NBFC).

The former CEO and co-founder of Flipkart will take charge as CEO of the micro-finance company CRID, it said in a statement on Wednesday.

CRIDS was formed in 2012 as an NBFC to serve the rural population of the country in their financial needs.

It provides loans and organises financial literacy campaigns in rural communities in states like Karnataka, Bihar, Jharkhand, Maharashtra and Uttar Pradesh.

READ ALSO:  Odisha will again host Men's hockey World Cup in 2023

CRIDS’s co-founders Samit Shetty and Anand Rao will continue in their roles.

“This acquisition is our entry into financial services,” Bansal said in a statement.

“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,” he added.

“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,” Shetty added.

READ ALSO:  Amazon discontinues Pantry as it focuses on grocery delivery

Bansal exited Flipkart when Walmart bought controlling stake (77 per cent) in it for a whopping $16 billion on May 9, 2018.

He later sold his 5.5 per cent stake in Flipkart for $1 billion.

In February, Bansal invested Rs 650 crore, or about $92 million, in ride-hailing platform Ola in his personal capacity as investor.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

YouTube paid $30B to creators, artists in last 3 years: CEO

New Delhi, Jan 27 (IANS) Google-owned YouTube has paid more than $30 billion to creators, artists, and media companies in the last three years,...

22 FIRs filed in Delhi tractor rally violence; 86 cops injured

New Delhi, Jan 27 (IANS) A total of 22 FIRs have been filed by the Delhi Police so far in connection with the violence...

Bilateral vaccine deals putting WHO-led Covax at risk: Tedros

Geneva, Jan 27 (IANS) The World Health Organization (WHO) warned on Tuesday that bilateral deals on Covid-19 vaccines between countries and companies are putting...

Farmers’ violence on R-Day a well-planned conspiracy: BJP

New Delhi, Jan 26 (IANS) The BJP on Tuesday said there was a well-planned conspiracy behind the farmers' tractor parade turning violent in the...