Business Standard

SACHIN BANSAL INVESTS ~888 CR IN NAVI TECHNOLOGI­ES

Since exiting Flipkart last yr, he has invested in start-ups privately and through his investment vehicle BAC Acquisitio­ns

- YUVRAJ MALIK

Billionair­e entreprene­ur Sachin Bansal has infused more money into his investment vehicle BAC Acquisitio­ns and renamed it Navi Technologi­es, company filings reveal.

The Flipkart co-founder has invested ~888.50 crore, approximat­ely $123 million, in Navi Technologi­es, which was set up as BAC Acquisitio­ns in December 2018.

Documents from the Registrar of Companies sourced through Tofler show Bansal bought 68.3 million shares at ~130 apiece over two tranches in October. Of these, 11.5 million shares were bought with cash (approximat­ely ~150 crore), which comes as fresh infusion in the company. The rest were issued against financial securities, according to the documents.

“The funds have been infused in Navi Technologi­es to enable the company to scout for growth opportunit­ies, organic and inorganic, in the broad financial sector space. With funds in the balance sheet, Navi Technologi­es will be able to move quickly to capture opportunit­ies as they arise,” said a spokespers­on of Sachin Bansal, in an emailed response.

The developmen­t comes close on the heels of Bansal buying a microfinan­ce firm, which he now leads. In September, he announced his second innings as an entreprene­ur by buying majority shares in Chaitanya Rural Intermedia­tion Developmen­t Services, which runs the microfinan­ce institutio­n, Chaitanya India Fin Credit. The company is 10 years old and headquarte­red in Bengaluru.

Bansal invested $104 million for over 90 per cent ownership in Chaitanya India, which caters to lowincome borrowers for vehicle finance, housing loans, small business loans, and education loans. He is now its chief executive officer.

After exiting Flipkart in May 2018, Bansal has been an active investor in the start-up ecosystem. He set up BAC Acquisitio­ns with his Indian Institute of Technology-delhi (IIT-D) batchmate Ankit Agarwal to invest in start-ups through a mix of equity and debt. Company filings show Navi Technologi­es has three directors: Sachin Bansal, Ankit Agarwal, and Shubham Shrivastav­a.

Through BAC (now Navi Technologi­es), he made debt investment­s in a variety of ventures like Vogo, Bounce, and Kissht, and financing firms Altica Capital and Indostar Capital Finance. His biggest bet is Ola, where he committed to invest $100 million in January.

A source said the equity investment is around $25 million, while the rest is structured debt. Ather Energy, the electric scooter start-up, is another substantia­l investment where he has put in close to $35 million. He has over a dozen angel investment­s from his time at Flipkart and beyond.

Bansal, along with Flipkart’s other co-founder Binny Bansal, is also an investor in a recently announced endowment fund of IIT-D. The two have committed 50 per cent of ~250 crore, which is the size of the fund.

This will enable the firm to scout for growth opportunit­ies in the broad financial sector space, said a spokespers­on of Sachin Bansal

 ??  ??
 ??  ?? Through BAC (now Navi Technologi­es), Sachin Bansal made debt investment­s in a variety of ventures
Through BAC (now Navi Technologi­es), Sachin Bansal made debt investment­s in a variety of ventures

Newspapers in English

Newspapers from India