After working for the fintech company for six years, Vivek Bansal announced his resignation as group chief financial officer (CFO) of InCred. He will now start his own NBFC business, Saarathi Finance, with an emphasis on MSME financing.
According to Moneycontrol, Bansal has teamed up with Sunil Daga, the president of Kotak Mahindra Bank, for his new project. Both executives have resigned from their previous positions and are negotiating with investors to get funding for Saarathi Finance.
Saarathi Finance is a Mumbai-based company that has applied for permission to function as a non-banking financial company (NBFC) from the Reserve Bank of India.
In order to raise INR 600 Cr at a potential valuation of INR 1,000 Cr, the company is in talks with investors. Of these, Bansal and Daga may contribute a small amount of equity.
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