Aiming its focus on urban mobility and financial services, Flipkart’s co-founder Sachin Bansal has infused INR 888.50 crore in his investment arm Navi Technologies, reported Mint.
While in 2018, Walmart acquired a 77 per cent stake in Flipkart for $16 billion.
Bansal, who had a 5.5% stake in Flipkart, made more than $1 billion from the sale of his stake in the online retailer.
Following this, late last year, he set up BAC Acquisitions Pvt. Ltd—a holding company that was recently renamed as Navi Technologies.
Recently on October 7, BAC Acquisition (BACQ), founded by Flipkart‘s co-founder Sachin Bansal, is reported, all set to acquire Essel Mutual Funds after the former got approval from Competition Commission of India (CCI).
The development came to light after CCI’s official twitter handle said that the acquisition has been accorded the first ‘green channel’ approval.
While, Green Channel approval is a mechanism set up by CCI in August this year, to facilitate faster approvals in certain categories of mergers and acquisitions.
By this acquisition, Flipkart co-founder’s BACQ has officially ventured in the fintech sector.
For details: Flipkart co-founder Sachin Bansal’s BAC Acquisition set to acquire Essel Mutual Funds after getting approval from CCI
BACQ is a tech fund registered by Sachin Bansal and Ankit Agarwal in Bengaluru to optimise business automation and enable digitisation of processes across sectors.
BACQ’s objective is to acquire, maintain, develop, and make available information-technology-driven products for providing services of every kind including, commercial, data processing, data entry, customer relationship management, communication, data analysis, social, gaming, design, cloud computing or other services.
Some of the investments, made by BACQ include INR 250 crore in NBFCs Altico Capital India and IndoStar Capital Finance, INR 20.8 crore in dockless bike-sharing companies Vogo and Bounce and others.