Showing his deep interest in NBFC firms since the exit from Flipkart, former CEO and co-founder of the e-commerce marketplace, Sachin Bansal, has pumped Rs 740 crore ($104 million) into Chaitanya Rural Intermediation Development Services Private Limited (CRIDS).
Two months ago, Bansal had invested Rs 25 crore in microfinance firm Chaitanya India Fin Credit (CIFCPL) run by CRIDS.
For the unaware, CRIDS, through its wholly-owned subsidiary Chaitanya India Fin Credit, provides jointly liable group loans, organises financial literacy campaigns in rural communities across Karnataka, Bihar, and Maharashtra.
Since its inception in 2009, it has provided microloans worth Rs 625 crore. The NBFC also deals in two-wheeler loans, housing loans, small business loans and education loans in rural parts of the states mentioned above.
Following the investment, Bansal has become the chief executive of the firm while founders Samit Shetty and Anand Rao will continue in their respective roles.
There will be no significant management changes, the company said in a statement to TOI.
Previous media reports also claimed that BAC Acquisitions (BACQ) was reportedly looking to acquire around 75% stake in the microfinance firm; however, details of stake acquisition could not be ascertained at that time.
Meanwhile, Bansal has been evaluating several deals via the debt route. His first investment was Rs 500 crore via debt route in NBFC firms Altico Capital and IndoStar Capital in February.
Five months later, he purchased a non-convertible debt paper issued by Piramal Group for Rs 200 crore. In the same month, BACQ was in talks to acquire Essel Mutual Fund, which is owned by the Zee group.
Apart from NBFCs, the seasoned entrepreneur has continued his bets on Indian startups. Since his exit from Flipkart, he has put significant capital into Ather Energy, Bounce, Kissht, boAt, Vogo, and Krazybee.