Flipkart’s co-founder Sachin Bansal has acquired majority stake in Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS). With this, he entered the world of financial services in a full-fledged manner.
Bansal has acquired 94 percent stake, leadings a majority of the existing investors in Chaitanya to exit through the deal.
The Non-Banking Financial Company (NBFC), looking for fresh funding, was in discussion with Bansal for a deal over the last few months. “This acquisition is our entry into financial services,” said Bansal.
Bansal, who is planning investing Rs 739 crore in the NBFC, did not reveal how much would be primary investment of capital. The Flipkart cofounder will also take charge as its chief executive officer.
Chaitanya confirmed that founders Samit Shetty and Anand Rao would continue to operate as their respective roles to manage existing business segments, thereby retaining their current roles and responsibilities.