Vivek Bansal Steps Down from InCred to Pursue New Opportunity
Vivek Bansal, the Chief Financial Officer (CFO) of InCred Group, has announced his resignation to embark on a new entrepreneurial venture. Bansal will be launching Saarathi Finance, a non-banking financial company (NBFC) that aims to focus on micro, small, and medium enterprises (MSMEs).
New Venture: Saarathi Finance
Saarathi Finance, which is currently awaiting approval from the Reserve Bank of India (RBI) to operate as an NBFC, is being established in partnership with Sunil Daga, the President of Kotak Mahindra Bank. The new company is in the process of raising INR 600 crore from investors, with an anticipated valuation of INR 1,000 crore.
Background and Vision
Vivek Bansal’s departure from InCred marks the end of a significant chapter in his career as he shifts his focus to this new venture. Saarathi Finance is set to address the financial needs of MSMEs, providing essential support to a sector that plays a crucial role in the Indian economy.
What’s Next for Saarathi Finance
With the RBI’s approval still pending, Saarathi Finance is actively engaging with potential investors to secure the necessary funding. The venture’s goal is to offer innovative financial solutions tailored to the unique needs of MSMEs, leveraging Bansal’s extensive experience in the financial sector.
Industry Impact and Future Prospects
The establishment of Saarathi Finance highlights the growing interest and potential in the MSME financing space. As the company progresses through its initial stages, it is expected to contribute significantly to the support and growth of small businesses across India.
