Sachin Bansal, who came out of Flipkart with almost a billion dollars, now has a Bangalore-headquartered company Chaitanya Rural Intermediation Development Services Pvt. Ltd. (CRIDS) has invested Rs 740 crore ($ 10.4 million), which is a non-banking financial company (NBFC). The former CEO and co-founder of Flipkart will take over as CEO (Chief Executive Officer) of micro-finance company CRIDS. CRIDS was established in 2012 as an NBFC to cater to the financial needs of the country’s rural population.
It disburses loans and runs financial literacy campaigns in rural communities in states like Karnataka, Bihar, Jharkhand, Maharashtra and Uttar Pradesh. CRIDS co-founders Samit Shetty and Anand Rao will continue in their roles. “With this acquisition we are entering financial services,” Bansal said in a statement. He further said, ‘Samit and Anand have built a good company, which gives loans to those who do not have access to formal finance. I look forward to working closely with Samith and Anand and furthering the work they have done.
He added that this add-on helps reduce the cost of damage caused by wear and tear or replacement of parts such as plastic / rubber, fiber, metal and paint. Road side assistance can also prove to be useful in the event of your vehicle being shut down due to flooding or waterlogging.
He said that the loss related to water in the engine is not included in the basic policy. Therefore, Engine Protector Add-on Insurance should be taken to avoid any financial loss. In addition, an engine protector add-on also covers the risk of damage to the engine due to oil leakage, even if the car has not had an accident.