Sachin Bansal Picks Up Majority Stake In Fintech Startup CRIDS, Named CEO

Flipkart co-founder Sachin Bansal has invested Rs 739 crore in Chaitanya Rural Intermediation Development Services to pick up a majority stake in the fintech startup.

Bansal, who has been an active investor in the Indian startup ecosystem, putting in his money in companies like Ola, Bounce and Ather Energy, will assume the role of chief executive officer at CRIDS.

"There will be a total infusion of Rs 739 crore from Sachin. He will assume the role of CEO of CRIDS and will provide additional support to create further impetus to business growth... Both Samit Shetty and Anand Rao will continue in their respective roles of growing the existing business segments," a company statement said.

The various business units will continue to operate as they have and there will be no significant change in management.

Founded by Anand Rao and Samit Shetty, CRIDS provides credit access to the underbanked population and a majority of its business is in microfinance. CRIDS also provides loans for two-wheelers, housing, small business and education. It operates in five states—Karnataka, Bihar, Jharkhand, Maharashtra, and Uttar Pradesh.

"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 do not 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 in the statement.

"Sachin brings with him the ability of building huge scale grounds up to CRIDS...,” Shetty said. “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.”