ElasticRun has announced the appointment of Shailendra Narang, as Director, Kredit Business. In this role, Shailendra will be responsible for building the rural credit business, bringing in solutions focused on improving the credit access for rural kirana merchants.
Upon joining ElasticRun, Shailendra Narang, Director, Kredit, remarked, “The hinterland of India consists of 650,000 villages inhabiting 850 million consumers. Rural FMCG is expanding at a CAGR of 18% and is anticipated to cross US$100 billion by 2025. More than 15 million rural merchants have been largely deprived of formal credit solutions. Rural kirana stores associated with ElasticRun are far more digital, engaged and connected. This unfolds the unprecedented opportunity to introduce Kredit to aid financial inclusion and fulfil the million dreams. I am thrilled to join ElasticRun and feel privileged to have the opportunity to influence the socio-economic system of rural India and beyond.”
Sandeep Deshmukh, Chief Executive Officer (CEO), ElasticRun, said, “I am pleased to welcome Shailendra as Director, Kredit platform. We believe that ElasticRun stands at the crossroads of exponential growth by using data and technology to tap into and service the needs of the deep rural markets across the country. 65% population lives in rural and is largely an under-serviced market as far as access to financial services is concerned. With our existing network capabilities, addition of Kredit business gives us a tremendous first movers advantage in the smaller markets.”
ElasticRun is a series D funded company, backed by Prosus Ventures, Avataar Venture Partners and Kalaari Capital.
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