Nearly a year after leaving Flipkart, its co-founder Sachin Bansal has landed a full-time role with a company for the first time. Bansal, who has emerged primarily as an investor in small companies and start-ups over the past year, is now about to make a fresh start as a CEO with microfinance company CRIDS (Chaitanya Rural Intermediation Development Services).
Bansal has invested Rs 739 crore in this company. However, it is not yet known how much stake he has bought in it. Last year, when US retail giant Walmart bought a majority stake in e-commerce company Flipkart, Sachin Bansal exited the company after selling his stake of $ 1 billion. There will not be many reshuffles in the company’s management. CRIDS founders Anand Rao and Samit Shetty will be associated with the company. Reacting to Sachin Basanal’s association with the company, Anand Rao said that the company will benefit from Bansal’s technical experience. CRIDS is active in Karnataka, Bihar, Jharkhand, Maharashtra and Uttar Pradesh. The company provides loans for a two-wheeler, housing, small business, and education sectors.
Anand Rao stated, “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.” Unlike his past bets, where Sachin has performed the role of a financial investor alone, Bansal will lead the microlender as its chief executive.
Sachin and Binny Bansal started Flipkart in 2007 together. Both were batchmates from IIT Delhi and had worked at Amazon. Both of them started by selling books online by renting a 2 BHK flat in Bangalore. In 2009 they opened the second office in Delhi and the third in Mumbai. Today there are more than 33 thousand employees in this company.Above all, now the country’s largest e-commerce company is owned by Walmart.