Flipkart co-founder and former executive Chairman Sachin Bansal is back in the startup game. This time he has teamed up with investment banker Ankit Agarwal and registered his new firm, BAC Acquisitions Private Limited.
It is registered as Non-govt company with an Authorized Capital of Rs 1 crore and paid up capital of the same amount, as per the RoC filing. However, there is not much information about the nature of its business.
Entrackr has sent queries to Sachin Bansal in this regard.
Second director Ankit Agarwal is Sachin’s batchmate from IIT Delhi. He has served as the director at Bank of America in the past.
Soon after US retailer Walmart acquired Flipkart for $16 billion, Sachin resigned and sold his stake, about 5.5 per cent worth about $1 billion, in the company.
We had earlier reported about Bansal plans on setting up a holding entity to carry out the operations enabling him to head the subsidiaries in agri-teach and fintech segments.
That apart, the ex-Chairman of Flipkart is also planning to raise a $1 billion startup focused fund. According to Sachin, India’s problems are unique and the country needs to apply AI in the ecosystem to solve Indian problems. He plans to contribute 40 per cent to the fund in his own capacity.
In September, he had also expressed his keen interest in investing around $100 million in Bhavish Agarwal-led mobility firm Ola.
Till Feb this year, Sachin had invested in seven ventures including Unacademy, Inshorts, Ather Energy, SpoonJoy with total funding of $26 million.
Leaving unceremonious exit from the firm he co-founded behind, Sachin has finally moved on. Now, it would be interesting to see how the second innings of Bansal will come out.