Making his second-biggest bet in a span of four months in the financial space, Flipkart co-founder Sachin Bansal has acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs 100 crore.
Bansal is reported to have bought out the entire stake in the insurer from WGC. The deal has been routed through Navi Technologies, formerly called BAC Acquisitions.
For WGC, the deal is seen as distressed as its flagship firm has been facing bankruptcy resolution in the National Company Law Tribunal. Currently, DHFL General Insurance has about Rs 400 crore assets under management.
“Navi is actively scouting for opportunities in banking, financial services and insurance (BFSI) space,” said an ET report quoting the company’s spokesperson.
Bansal, who sees the next large opportunity in financial services, wants to solve fintech problems especially to improve access and availability of financial services through technology.
This is the second biggest bet by Bansal in the fintech space in a span of four months.
The development comes after Bansal bought a 95% stake in Chaitanya Rural Intermediation Development Services (CRIDS), a non-banking financial company and anointed himself as CEO in September last year.
Right after his unceremonious exit from Flipkart, Bansal has been restless to make a come back as an entrepreneur. Last year, Bansal had made over 10 investments in startups as well as NBFCs like Kissht, VOGO, Bounce, Krazybee, Altico Capital, and CRIDS via Navi.
In December, Bansal had acquired Bengaluru-based tech consulting startup MavenHive. The acquisition is said to assist Navi to leapfrog its product development initiatives and augment its technology capabilities.
In November, Bansal had also invested Rs 888.5 crore in Navi. Along with microfinance and lending, Bansal has been trying to acquire a licence to open a new-age bank.