Sachin Bansal invests $7M in his latest venture
After investing $100 million in Ola, co-founder and former Executive Chairman of Flipkart, Sachin Bansal invests in his newest venture BAC Acquisitions.
Sachin Bansal, co-founder and former Executive Chairman, has invested $7 million in his recent venture BAC Acquisitions. Although the nature of BAC Acquisition's business remains unclear, it seems to be a holding company.
According to Registrar of Companies (RoC) filings, the company has allotted 50 lakh equity shares to Sachin Bansal, for Rs 50 crore.
Sachin Bansal, along with his friend and former investment banker, Ankit Agarwal, registered the non-government private company, BAC Acquisitions on December 10, last year. According to media reports, BAC Acquisitions aims to develop business automation and computerisation platforms.
Earlier this month, Sachin Bansal also invested $21 million (approximately Rs 150 crore) in ride-hailing company Ola. With this investment, Ola's valuation stood at $6 billion. Reports suggest that Sachin has committed a total of $100 million to the company.
After Walmart's acquisition of Flipkart for $16 billion in 2018, Sachin Bansal left the company. The co-founder sold his 5.5 percent stake for an amount of $800 million to $1 billion. However, reports alleged that he was forced to leave due to a disagreement over his role after the acquisition.
The other co-founder of Flipkart, Binny Bansal exited Flipkart in November on account of 'personal misconduct.' Following the exit, Binny Bansal founded tech startup xto10x Technologies with former McKinsey and Flipkart executive, Saikiran Krishnamurthy.
The company is supposed to help startups scale by bringing in the right knowledge and capabilities across several key areas, from strategy to execution, hyper-growth, ops, design, data science, HR, and strategic business finance, and putting in place operating systems for effective governance.