Sachin Bansal is strengthening his base in financial services with big investments
Flipkartco-founder Sachin Bansalrecently invested ₹200 crore in Piramal Enterprises’ debt.
- Reports say that these funds will be used by the firm in the financial services sector.
Ajay Piramaland Mukesh Ambaniare reportedly in talks to start a consumer lending venture, which could also see investment from Softbank.
Bansal invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). Piramal Enterprises itself will infuse these new funds into its financial services sector.
Reports also say that Piramal Enterprises’ Ajay Piramal and Mukesh Ambani’s Reliance Jio whose children are married, will be turned business partners as well. They are expected to launch a consumer lending venture, which could be backed by Softbank. Piramal Enterprises is finalising an investment of over ₹9,600 crore by the Japanese investment firm, said the reports.
In February 2019, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. Bansal had made an investment of ₹250 crore each through his company BAC Acquisitions.
In the same month, ET said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank.
Meanwhile, in May 2019, Bansal joined Ujjivan Small Finance Bank as its independent director.
Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018.
Apart from his investments in the financial sector, Bansal had also recently invested in the ride hailing unicorn Ola and electric bike startup Ather Energy.