Sachin Bansal, co-founder of India’s one of the largest online marketplace Flipkart, and a billionaire post his stake sale, is now returning to the startup scene with a new office in Bengaluru. And now he is taking on a more investment banker-ish role, via his newly founded company — BAC Acquisitions.
According to the documents filed with the Ministry of Corporate Affairs (MCA), Sachin has registered a new holding company named BAC Acquisitions Private Limited, along with a friend and former investment banker Ankit Agarwal.
Sachin Bansal sold his stake of around 5 percent in Flipkart for $1 billion and has been testing waters to return to the market. Bansal holds 99.01% stake in the holding company while his IIT batch mate Ankit Agarwal holds the remaining shares.
According to multiple media reports, Bansal-led BAC Acquisitions is in talks to invest in cab-hailing company Ola (to the tune of $150Mn), electric bike maker Ather Energy, artificial intelligence-based healthcare venture Sigtuple, and online insurance company Acko.
The company’s RoC filing describes it as a business that is “planning to build and acquire businesses in technology and provide 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”.
On the other hand, Binny Bansal, the other co-founder of Flipkart, has founded and taken on the role of executive chairman at xto10x Technologies. The company was founded by him along with his friend and former McKinsey consultant Saikiran Krishnamurthy. The company offers technology tools and consulting services to growth stage startups.