Flipkart founder Sachin Bansal pumps $123 mn into Navi Technologies

Flipkart founder Sachin Bansal has infused $123 million (Rs 888 crore) in his investment vehicle Navi Technologies, formerly known as BAC Acquisitions, through the issue of 68 million equity shares.

Out the overall infusion, Bansal paid $21 million (Rs 149 crore) in cash for 11.5 million shares. Although the allotment of shares took place last month, the disclosure was made on November 12, according to the latest regulatory filings.

In January this year, Bansal infused $0.7 million into the Bengaluru-based investment firm, separate regulatory disclosures show. 

Since his exit from Walmart-owned ecommerce firm Flipkart in 2018, Bansal has invested $392 million in 18 startups including lending company Altico Capital and ANI Technologies owned electric vehicle firm Ola Electric Mobility. 

Out of the 18 startups that have raised funds from Navi Technologies, 11 are from the financial services sector. The rest are from diverse sectors such as media, space-tech, biotech, media and ecommerce.

Bansal, who exited Flipkart at the time of its acquisition by Walmart, garnered $1 billion for his 5.5% stake. The retail giant had acquired 77% in Flipkart, founded by Sachin Bansal and Binny Bansal, for $16 billion.

Sachin Bansal co-founded Navi Technologies along with his IIT Delhi colleague and investment banker Ankit Agarwal, six months after leaving Flipkart. 

Through Navi Technologies, Bansal has acquired microfinance institution, Chaitanya Rural Intermediation Development Services for $104 million, his biggest deal since leaving Flipkart. Earlier this month, Sachin Bansal, along with his nine IIT Delhi alumni, made commitments to contribute $35 million to the institute’s global alumni endowment fund.