Here Is What Sachin Bansal Is Doing After Exiting Flipkart
Sachin Bansal is back in the game as CEO after acquiring 94 per cent stake in a NBFC company
Flipkart co-founder Sachin Bansal made a billion dollar exit from Flipkart in 2018 after the Indian e-commerce giant got acquired by US-based retail chain Walmart. With sheer hard work and dedication, Sachin along with Binny Bansal helped Flipkart grow from an online book-selling service to Indian first and most popular e-commerce unicorn. However, after exiting Flipkart, Sachin Bansal has been utilising his experience and earnings to support the growth of Indian start-up ecosystem and now he is again back in the game as an investor and CEO.
According to recent reports, Sachin has acquired 94 per cent stake in Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS). The Flipkart founder will reportedly invest INR 739 crore in the non-banking finance company (NBFC) and is expected to take up the role of CEO as a part of this deal.
In an interview with The Times of India, Bansal said that CRIDS’s founders Samit Shetty and Anand Rao will continue their roles in the company. He also explained that the digital lending space is a full focus and cannot be pursued as a side business.
Bansal’s Journey To BAC Acquisitions After Flipkart
Sachin and Binny Bansal had founded Flipkart in 2007 as an online book store. In 2018, Walmart acquired 77 per cent stake in Flipkart that saw Sachin exit the company. Following his exit, Bansal has been investing across several startups. According to media reports, Bansal along with his friend Ankit Agarwal registered BAC Acquisitions Pvt Ltd in Bengaluru in December 2018. The company is aimed at acquiring, developing, and making new technologies available for innovation across sectors such as data sciences, healthcare, energy, media and entertainment. In January, Sachin had invested $7 million in his new venture.
Following his exit, Sachin had investment deals includes a $51 million investment in EV startup Ather Energy, $92 million in cab aggregator service, Ola, INR 20.8 crore in ride-sharing service VOGO, INR 250 crores in IndoStar Capital Finance, among others .
In February, several media reports said that Bansal was in talks with financial experts for a potential launch of a new venture in the fintech sector. According to reports, he also met executives at the Reserve Bank of India to get clarifications about the regulatory requirements needed to start a bank.