After Flipkart was acquired by Walmart, it’s co-founder Sachin Bansal had to exit the firm with around $1 billion in his pocket. Ever since several avenues had been announced where he had planned to invest his money.
One of these avenues was his second gig as an entrepreneur with a firm that was slated to acquire smaller firms focusing on agritech and fintech.
In December, he unveiled the holding entity’s name post registration. BAC Acquisitions Private Limited was founded by Bansal partnering with another one of his IITD batchmate Ankit Agarwal, former Director at Bank of America.
The latest RoC filings of the company with Ministry of Corporate affairs reveal that Bansal has poured in Rs 50 crore ($7.05 million) into the entity by way of 50 lakh equity shares priced at Rs 100 each.
As reported earlier, the Bengaluru based entity has chosen fintech due to the scope of innovation and unprecedented scale.
Apart from this, Bansal’s other new contributions in the Indian economy are slated to come by way of a Venture Capital firm that he plans to start with a $1 billion in the corpus. BAC Acquisition has a similar Authorised Capital.
Meanwhile, Bansal has also invested Rs 150 crore in Ola. The investment is slated to go up to $100 million.
Coming back to BAC Acquisitions, this is the first round of investment in the firm by Bansal. It would be interesting to see what acquisitions the company engages in with the new money.