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Vivek Bansal has reportedly stepped down as InCred’s group chief financial officer (CFO) after a six-year stint at the fintech company and is set to launch his own MSME-focussed NBFC venture, Saarathi Finance.
Bansal has joined hands with Sunil Daga, president of Kotak Mahindra Bank, for his new venture, Moneycontrol reported, adding that both executives have resigned from their respective companies and are in talks with investors to raise funds for Saarathi Finance.
Inc42 has reached out to Bansal for confirmation. The story will be updated based on the response.
The LinkedIn profiles of both executives showed them still working at their respective firms. However, the report said that they are currently serving their notice periods.
As per the report, Saarathi Finance is registered in Mumbai and has sought approval from the Reserve Bank of India to operate as a non-banking financial company (NBFC).
The company is reportedly in talks with investors to raise INR 600 Cr at a likely valuation of INR 1,000 Cr. Of these, some equity infusion might come from Bansal and Daga.
Upon getting the NBFC licence, Saarathi Finance plans to offer secured loans to MSMEs in the range of INR 5 Lakh-20 Lakh and unsecured loans to individuals with a ticket size of INR 1 Lakh-5 Lakh.
(The story will be updated soon)
The post InCred CFO Vivek Bansal Quits To Float His Own NBFC Venture appeared first on Inc42 Media.
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