Flipkart co-founder Sachin Bansal, who had last year exited the e-commerce major with US$1 billion in payout, Wednesday announced an investment of Rs 739 crore in microlender CRIDS for an undisclosed stake.
Unlike his past bets, where he has played the role of a financial investor alone, Bansal will lead the microlender as its chief executive.
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 microlender 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. PTI AA