Piramal Enterprises will use the infuse funds for its financial services business. The non-convertible debentures subscribed by Sachin Bansal are said to carry an interest coupon of about 9.5% and a two year repayment period, according to the sources.
Flipkart, owned by Walmart, is based out of Bengaluru, founded by Sachin Bansal and Binny Bansal together in 2007. The company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.
Whereas, Piramal Enterprises is the flagship company of the Piramal Group. The company contributes to three broad sectors including pharma, healthcare information management, and financial services.
Interestingly, even though there is no clarity on the business model of Piramal’s lending venture, with Sachin Bansal coming onboard along with the possibility of a massive investment from Japanese conglomerate SoftBank and the support of Indian telecom major Reliance Jio, Piramal’s lending plans do seem promising.
Adding on, Sachin Bansal marked a huge exit from Flipkart, when the company was acquired by US retail giant Walmart in 2018. He raked up millions and will keep receiving till 2020. The earnings coupled with years of connections in the Indian startup ecosystem, Bansal has been proving beneficial to the Indian entrepreneurs with his investments and mentorship.