Sachin Bansal, who founded eCommerce giant Flipkart over a decade ago has now invested INR 890 crores into his venture Navi Technologies formerly known as BAC ACQUISITIONS. This is his second big investment of this year, In Jan 2019, Sachin Bansal invested INR 650 crores in Ola.
In Navi Technologies investment, Sachin Bansal has acquired 68.39 million shares at cost of Rs 130 per share, total value approx Rs 888.50 crores, reveals Navi technologies’s ROC filing. The document shows 11.54 million shares were allotted to in cash while the rest total of 56.81 million shares allotted against receipt of financial securities.
In August 2018, Wallmart acquired 77% stake of Flipkart in USD 16 billion, and with 5.5% stake, Sachin Bansal made over USD 1 billion from the deal.
Later Wallmart acquisition of Flipkart, Sachin Bansal set up a new firm in December 2018 named it BAC ACQUISITIONS, recently it is renamed as Navi technologies. The company makes startup invetment in form of debt.
Sachin Bansal Has funded into two non-banking financial firms Altico capital India ltd and IndoStar capital finance ltd INR 250 crores each through debt investment. With the investment of Rs 890 crores, Sachin Bansal and Navi technologies seem to aim their focus on urban mobility and non-banking financial services.
Sachin Bansal, an IIT graduate recently join Karnatka Bangalore Chaitanya Rural Intermediation Development Services Pvt. Ltd (CRIDS) as CEO. He is holding the majority stake in CRIDS approx value INR 739 crores. Sachin Bansal also has investment of USD 3 million each into two-wheeler renting startups Vogo and Bounce. Early in this year, Sachin Bansal invested into Ola of INR 650 crores.
Just in four months of beginning, Sachin Bansal led venture, reported net profit of INR 1.93 crores for FY 2019.