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2014-10-29

Former Apple CEO John Sculley set to launch NBFC for SME lending in India

Scully hinted that he is currently awaiting a nod to get a NBFC licence in India.

John Sculley, former CEO of Apple, is planning to launch a non-banking finance company (NBFC) christened Extend Credit to provide working capital loans to 'middle-class' economy businesses in India, according to a VCCircle report, citing Scully’s interview to CNBC television channel.

 

Scully hinted that he is currently awaiting a nod to get a NBFC licence.

 

This would be third India-related business for Inflexionpoint, an investment and IT supply chain firm. It launched Obi branded smartphones in the country early this year. Last year, Inflexionpoint had acquired majority stake in Delhi-based Iris Computers Ltd.

 

Inflexionpoint was started by Sculley; technology and financial entrepreneurs Shane Maine and Gordon McMillan; and Neeraj Chauhan, former managing director of Global Infonet Distribution, India.

 

The founders of Inflexionpoint are also the founders of Pivot Technology Solutions, a Canadian holding company created for acquiring North American IT VARs.

 

Inflexionpoint has offices in the UK, Jersey, Ireland, Singapore, India and Canada.

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