Sachin Bansal, co-founderof Flipkart, purchased a big stake in Caitanya Rural Intermediation Development Services (CRIDS) for Rs 739 crore. Sachin will also be Chief Executive Officer of CRIDS. This is a tiny bank finance firm. Most of the companies are connected to microfinance. His founders Anand Rao and Amit Shetty will play the same position as before. The news agency published the data on Wednesday. However, it is not known how much Sachin had received.
176 branches in 32 districts of CRIDS Sachin Bansal state that they have entered Financial Services through this takeover. Samit and Anand have set up a very great business. CRIDS offers financial access to those in need who do not have access to other media.
CRIDS offers loans for two-wheelers, housing, micro enterprises and education. It began in 2009. The company operates in five states-Karnataka, Bihar, Jharkhand, Maharashtra and Uttar Pradesh. It has 176 offices and 1,582 staff in 32 districts. The business had a profit of Rs 7.25 crore for the financial year 2018-19. Profit in 2017-18 was Rs 4.66 crore.
In May last year, US retailer Walmart purchased 77% of Flipkart for $16 billion. Sachin Bansal was out of the business at that moment by selling a complete 5.5 per cent stake in Flipkart. They’re focusing on investing in startups.