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.
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