Sachin Bansal acquires majority stake in Bengaluru-based CRIDS for Rs. 739 crore.

Technology entrepreneur and Flipkart co-founder Sachin Bansal has acquired a majority stake in Chaitanya Rural Intermediation Development Services Pvt Ltd. (CRIDS), a Bengaluru-based non banking finance company (NBFC), with a total infusion of Rs. 739 crore.

Following the deal, Bansal will assume charge as the CEO of CRIDS.

CRIDS, founded by entreprenuers Anand Rao and Samit Shetty, is mainly into microfinance. The founders, who will continue in their respective roles, will retain a minority stake in the company.

“This acquisition is our entry into financial services,” Bansal said in a statement.

CRIDS operates across five states – Karnataka, Bihar, Jharkhand, Maharashtra and Uttar Pradesh - and provides loans for two-wheelers, housing, small business and education.

“We are looking forward to benefiting from his (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,” Samit Shetty, co-founder of CRIDS, said.

“Bansal, a trailblazer in India’s e-commerce space entering financial services and committing significant amount of capital is a great development for India’s financial inclusion story,” said Anand Rao, Co-founder of CRIDS.

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

HBL