Wednesday, October 4

Flipkart Cofounder Invest $100 Million in Indian Fintech Firm, Becomes CEO

25th Sept, 2019- Flipkart co-founder Sachin Bansal, who sold his part of equity and exited the e-commerce major with USD 1 billion in payout announced an investment of Rs 739 crore (close to $100 million) in Bengaluru based lending firm CRIDS.

The percentage of shares has not been disclosed.

The 37-year old billionaire invest $100 million in two part, where $20 million is in secondary transactions to buy out share of existing investors.

Unlike his past bets, where he has played the role of a financial investor alone, Bansal will lead the lending firm as its chief executive officer.

Bansal had sold out his stake in Flipkart when the American retail giant Walmart acquired the majority stake in the ecommerce platform co-founded by Bansal and his friend Binny Bansal last year.

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

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

Chaitanya Rural Intermediation Development Services (CRIDS) provides loans for two-wheelers, housing, small business and education across Karnataka, Bihar, Jharkhand, Maharashtra, and UP.

“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.

Karnataka region is the biggest market of CRIDS. The company has 400k Indian customers.

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