Flipkart co-founder Sachin Bansal has invested an additional? 888.5 crore into his latest venture, BAC Acquisitions, recently renamed Navi Technologies, according to filings with the Ministry of Corporate Affairs.
According to the disclosure, Bansal has picked up 6.8 crore equity shares in the company, with each share priced at Rs 130.
Bansal founded BAC Acquisitions in partnership with his IIT-Delhi batchmate Ankit Agarwal, soon after he sold his stake in Flipkart to Walmart last year for about $1 billion. The US retail giant bought 77% in Flipkart for $16 billion.
“The funds have been infused in Navi Technologies to enable the company to scout for growth opportunities, organic or inorganic, in the broad financial sector space. With funds in the balance sheet, it will be able to move quickly to capture opportunities, as they arise,” Bansal told ET in an email.
In September, Bansal acquired a majority stake in Chaitanya Rural Intermediation Development Services, which runs a micro-finance platform. Having picked up more than 90% in the company, Bansal said he was taking over as its chief executive officer.
ET reported on February 21 that Bansal was keen to acquire a banking licence, and his stake buy in Chaitanya is being seen as the first step in that direction.
