Sachin Bansal, the founder of now Walmart-owned Flipkart is continuing with his investments in the financial services space. In a deal which is seen as a distress sale for Wadhawan Group Capital (WGC), Flipkart founder and former CEO Sachin Bansal has acquired DHFL General Insurance for ₹100 crore (approx. $14 million).
With this acquisition, Sachin Bansal has now officially forayed into the insurance space in India. He entered the financial services market in India by acquiring Chaitanya Rural Intermediation Development Services (CRIDS) for ₹739 crore (approx. $104 million) last year.
This deal for DHFL has been routed through Navi Technologies, which was formerly known as BAC Acquisitions. The company was registered by Sachin Bansal in 2018 after his exit from Flipkart.
DHFL, founded in 1984, is a 100% fully owned entity of Wadhawan Group Capital. The company has been known for over three decades for offering affordable housing finance. The parent company WGC also owns financial services companies such as Aadhar Housing Finance, Avanse Financial Services, DHFL Pramerica Asset Managers, DHFL Pramerica Life Insurance and DHFL General Insurance. DHFL General Insurance has about ₹400 crore assets under management.
Sachin Bansal seems to be stepping up his game in the financial services market. After acquiring majority stake in CRIDS and becoming its CEO, his company Navi also acquired tech consulting firm MavenHive. He has also backed several startups, including Bounce, Vogo, Altico Capital and IndoStar Finance among others. His noteworthy investment was in February 2019 when he pumped in ₹650 crore in ride-haling company Ola.