Sachin Bansal to be CEO again, buys majority stake in microfinance company

Former Flipkart leader has invested in Chaitanya Rural Intermediation Development Services

Billionaire Sachin Bansal is returning to an executive role, more than a year after he left e-commerce company Flipkart.

Bansal has picked up a majority stake in Chaitanya Rural Intermediation Development Services (CRIDS), a company which runs microfinance institution Chaitanya India Fin Credit (CIFCPL). He will be CRIDS's new chief executive officer (CEO), said a statement by his communications manager.

Bansal invested Rs 739 crore, roughly $104 million, in CRIDS: Rs 600 as primary infusion and the rest in buying out existing shareholders. His exact stake in the company is undisclosed.

“This acquisition is our entry into financial services,” said