The 37-year-old, is in advanced talks to invest $100-150 million in ride-hailing platform Ola, as ET first reported in October.
Flipkart co-founder Sachin Bansal is returning to Bangalore’s original startup hub, Koramangala as he has registered his holding company BAC Acquisitions Private Limited, according to filings with Ministry of Corporate Affairs (MCA). The entrepreneur, who exited India’s most valued startup Flipkart by selling his 5% stake for $1 billion earlier this year, will use this holding company to make investments in early-to-mid stage startups besides launching new businesses. Bansal holds 99.01% stake in the holding company which has set up office in Koramangala, few kilometers from Flipkart’s first outpost back in 2007. The other director of BAC Acquisitions is Ankit Agarwal who holds the remaining shares.
ET had reported last month that Bansal is likely to set up a holding company as he looks to deploy his Flipkart fortune and has roped in IIT-Delhi batchmate Agarwal, who has worked as an investment banker with Deutsche Bank and Bank of America, as a founding employee.
According to the Memorandum of Association (MoA), BAC plans to build and acquire businesses in “technology and providing services through information technology-driven internet and mobile platforms in various sectors such as data sciences, healthcare, energy, media & entertainment, fast-moving consumer goods, engineering, retail, logistics, food & beverages, infrastructure, construction, machinery, agriculture, automobile, HR, gaming, fiscal advisory and insurance.” ET reported last month that financial technology and agriculture technology have become two major areas of focus for Bansal.
The 37-year-old, is in advanced talks to invest $100-150 million in ride-hailing platform Ola, as ET first reported in October. Part of the amount could be going towards buying the shares of New York-based investment firm Tiger Global Management in Ola, in addition to the primary infusion. Bansal is also in talks to invest about $30 million in electric bike maker Ather Energy, in which he is angel investor and already a board member.
His new venture comes on the back of his co-founder Binny Bansal, having taken on the role of executive chairman at xto10x Technologies, as ET reported first on December 14. The company founded by former McKinsey consultant Saikiran Krishnamurthy, which will offer technology tools technology tools, learning and consulting services to growth- stage startups.