Know about Sachin Bansal
Sachin Bansal is an entrepreneur from India who was born on August 5, 1981. He is most known for co-founding Flipkart, which was purchased by Walmart for $16 billion in 2018 (77 percent share). Bansal served as the CEO and chairman of Flipkart for more than 11 years. Following the Walmart purchase, Bansal left Flipkart in 2018.
Flipkart was founded in 2007 by Sachin and Binny Bansal (not related) and was valued at $20.8 billion in 2018. Bansal’s net worth was a little over $1 billion in 2018, when he owned a 5.5 percent interest in Flipkart, which he sold to Walmart.
Bansal and his co-founder Binny Bansal launched Flipkart, an online bookshop, in October 2007 with an initial capital of 4,00,000 (4 lakh rupees or US$5,600). They began functioning out of an apartment in Bangalore’s Koramangala neighborhood.
Sachin Bansal’s Navi Technologies purchased Bengaluru-based IT consultancy business Maven Hive in December 2019. There was no financial information provided.
In 2020, Sachin’s company Navi Technologies purchased the general insurance brand COCO, which was formerly owned by the housing financing company Deewan Housing Finance Limited. Navi Technologies named Sachin Bansal as its Managing Director in April 2020, at the same time as the company announced 204-crore funding round from Gaja Capital. Navi filed a draught for an IPO for INR 3350 crore on March 12, 2022.
Sachin began investing in technology startups in 2013 and has since become a prolific angel investor in companies such as electric vehicle producer Ather Energy, health tech firm SigTuple, and edtech unicorn Unacademy.
He founded BAC Acquisitions (BACQ) in December 2018 with Ankit Agarwal, a former director at Bank of America and an IIT Delhi classmate. Sachin’s fresh investments, largely through venture loans, were expected to be rolled up by the company.
BACQ has invested in firms such as Bounce and Vogo Automotive, as well as merchant credit platform Kissht and consumer electronics startup boAt Lifestyle, which has filed for a public offering. Altico Capital and Indostar Capital Finance are two NBFCs that BACQ has invested in. In the year 2019, Sachin made a Rs 25 crore investment in Chaitanya India Finance.
In February 2019, Sachin pledged $100 million to Ola, and in November 2020, he invested $23 million in Ather Energy, bringing his total investment in the company to $53 million. Sachin has also been a vocal proponent of leveling the playing field for Indian businesses, frequently denouncing foreign corporations’ ‘capital dumping.’
Sachin invested almost Rs 888 crore in Navi Technologies in October 2019, making it the holding company for BACQ. Navi purchased controlling ownership in Chaitanya Rural Intermediation Development Services (CRIDS), which ran Chaitanya India Fin Credit, for Rs 739 crore around the same period. Navi acquired the technology consulting business MavenHive in December 2019 in order to speed up its product development.
Navi’s journey as a financial services firm began at this point. Sachin, who is renowned as the “guy with the vision” at Flipkart, has built the financial services company inorganically by acquiring seven companies, including Wadhawan Global Capital’s DHFL General Insurance Ltd and Essel Mutual Fund to expand into new business verticals.