Sachin Bansal has emerged as prolific equity and debt investor in the Indian startup ecosystem. While his investment against equity is limited to Ola and Ather Energy, he continues to park debts in many companies through BAC Acquisitions.
Bansal has identified fintech and agritech as major investment areas. Though he’s yet to make any bet in agritech, his activities in fintech are increasing at a quick pace.
Continuing its momentum in fintech space, Bansal has invested Rs 25 crore in microfinance firm Chaitanya India Fin Credit (CIFCPL) run by Chaitanya Rural Intermediation Development Services.
According to RoC filing with MCA, Bansal was issued 250 non-convertible debentures by Chaitanya for Rs 25 crore ($3.7 million) after passing a board resolution on July 16. The debentures have a face value of Rs 10 lakh each and carry a coupon rate of 14% p.a. payable monthly with a principal repayment duration of 15 months.
The development first cropped up in April, when media reports claim that BACQ was reportedly looking to acquire around 75% stake in the microfinance firm. The reports also anticipated that Bansal might become the CEO of the acquired firm.
While there is no official update on reports around Bansal being interested in acquiring a majority stake in CIFCPL, paper.vc’s founder Vivek Durai believes that he’s waiting for RBI approval.
For the unaware, CIFCPL provides jointly liabile group loans, organises financial literacy campaigns in rural communities across Karnataka, Bihar, and Maharashtra and has provided loans worth Rs 625 crore till now.
Samit Shetty and Anand Rao had established the company in 2009 and count ShoreCap as its lead investor.
In the past seven months, Bansal has made investments in mobility startups including Ola, Vogo, Bounce, Ather Energy and three Non-banking financial companies – Northern Arc Capital, Altico Capital, and IndoStar Capital.
Besides, Bansal has subscribed to non-convertible debentures (NCDs) issued by Piramal Enterprises and is likely to acquire Zee Group-owned Essel Mutual Fund.