Flipkart co-founder Sachin Bansal has picked up a stake in Chaitanya Rural Intermediation Development Services (CRIDS) and has pumped in Rs 739 crore in the non-banking financial company.
Bansal, who has been an active investor in the Indian start-up ecosystem including companies like Ola and Bounce, will also assume the role of CEO at CRIDS.
"There will be a total infusion of INR 739 crore from Sachin. He will assume the role of CEO of CRIDS...and will provide additional support to create the further impetus to business growth... Both Samit Shetty and Anand Rao will continue in their respective roles of growing the existing business segments," a statement said.
The various business units will continue to operate as they have and there will be no significant change in management, it added.
Founded by Anand Rao and Samit Shetty, CRIDS provides credit access to the underbanked population and a majority of its business is in microfinance.
"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.
CRIDS also provides loans for two-wheelers, housing, small business, and education. It operates in five states -- Karnataka, Bihar, Jharkhand, Maharashtra, and Uttar Pradesh.
"Sachin brings with him the ability to build huge scale grounds up to CRIDS... 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 said.
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