Flipkart co-founder Sachin Bansal has registered his company BAC Acquisitions Private Limited in Koramangala, according to documents filed with the Ministry of Corporate Affairs, indicating his return to the original start center of the city.
The entrepreneur, who left Flipkart, India’s most valuable startup, selling his 5 percent stake for USD 1 billion at the beginning of this year, will use this holding to make investments in early-to-middle startups, in addition to launching new business.
Bansal owns a 99.01 percent stake in the holding, which established its office a few kilometers from the first Flipkart office it opened in 2007. The other director of BAC Acquisitions is Ankit Agarwal, who owns the remaining shares.
Bansal was likely to establish a holding company while trying to deploy his Flipkart fortune and had joined as a founding employee of IIT Delhi, batch mate Agarwal, who previously worked as an investment banker at Deutsche Bank and the Bank.
In accordance with the Memorandum of Association (MoA), BAC Acquisitions plans to build and acquire businesses in “technology and provision of services through the Internet and mobile platforms based on information technology in various sectors, such as information sciences, health, energy, media and entertainment, fast -movement of consumption, engineering, retail, logistics, food and beverages, infrastructure, construction, machinery, agriculture, automobile, human resources, games, tax advice and insurance “.
Financial technology and agricultural technology had emerged as two main areas of focus for Bansal.
Bansal is in advanced talks to invest USD 100-150 million in the Ola platform. Part of the amount could be used to buy the shares of Tiger Global Management, an investment firm based in New York, in addition to the primary infusion.
Bansal is also in talks to invest around $ 30 million in electric bicycle manufacturer Ather Energy, in which it is an angel investor and is already a board member.
Bansal’s new venture comes when its co-founder, Binny Bansal, who is unrelated, has taken over as CEO of xto10x Technologies, a company founded by former McKinsey consultant Saikiran Krishnamurthy, which will offer technological tools, tools and learning and consulting services to startups in the growth stage.― Tech2.org