Flipkart cofounder Sachin Bansal has joined the board of Bengaluru-based Ujjivan Small Finance Bank. The appointment is critical to Sachin Bansal’s ambition to open a bank.
Launched in 2015, Ujjivan Small Finance Bank operates on the Reserve Bank of India’s licence to operate a small finance bank business. Ujjivan also tries to educate and empower the various sections of rural India through social welfare; healthcare, education, vocational training, community development, shelter, and disaster relief.
Bansal’s appointment supports Ujjivan’s plan to upgrade itself into a state-of-the-art mass market bank. The team is trying to change the mindset of the leadership to scale-up business with use of technology.
Talking about Sachin Bansal’s appointment, Ujjivan Small Finance Bank managing director Samit Ghosh said he will join the bank board on June 1. “He is an iconic leader in the e-commerce space with phenomenal technological acumen and foresight. His guidance & direction will be very valuable in achieving Ujjivan Bank’s mission of creating a state-of-the-art mass market bank” Ghosh said.
Sachin Bansal: Arming Up Ecosystem With Investments
After an exit from his first venture, ecommerce company Flipkart, after it got acquired by US retail giant Walmart, Bansal raked up millions and will keep receiving till 2020. With years of connections in the Indian startup ecosystem, Bansal is now leveraging his experience and investment capabilities to support the growth of the whole ecosystem.
In December 2018, Bansal along with his friend Ankit Agarwal registered BAC Acquisitions Pvt Ltd in Bengaluru with the vision of developing platforms which can optimise business automation and enable digitisation of processes across sectors.
The company had increased its authorised share capital to INR 7.5K Cr ($1.05 Bn) in January 2019, soon after which Bansal had invested another $7 Mn (INR 50 Cr) in BAC Acquisitions.
Bansal has invested across sectors, some of his notable investments include:
- Ather Energy– $51 Mn
- Altico Capital India- $35.16 Mn (INR 250 Cr)
- IndoStar Capital Finance – $35.16 Mn (INR 250 Cr)
- Vogo- $3 Mn (INR 20.8 Cr)
- Bounce- $3 Mn (INR 20.8 Cr)