Flipkart cofounder Sachin Bansal has made a comeback with a new venture – BAC Acquisitions Pvt Ltd – along with a friend and former investment banker Ankit Agarwal.
According to filings with Registrar of Companies (RoC) accessed by Inc42, the entity was incorporated on December 10 as a holding company in Bengaluru.
The development comes soon after reports surfaced that Sachin will establish a holding company through which he will run his new businesses and make investments along with Agarwal, who he has known from his IIT-Delhi days. The new venture is expected to invest in agritech and fintech sector along with other new businesses.
After more than six months of stepping away from Flipkart, richer by a $1 Bn, Sachin has been in testing the waters to stage a return, with talks to invest in cab-hailing company Ola, electric bike maker Ather Energy, artificial intelligence-based healthcare venture Sigtuple, and online insurance company Acko.
According to RoC filings, Sachin is still a director at Flipkart Online Services Pvt Ltd. He also holds a position on the board of Ather Energy and Sabin Advisors.
Meanwhile, cofounder Binny Bansal has launched his new venture— XTo10X Technologies along with his friend, Saikiran Krishnamurthy, to support growth-stage startups which are looking to scale up. He is also reportedly investing $25 Mn in insurance startup Acko.
Binny had made a sudden exit from Flipkart after an allegation of “serious personal misconduct” came to light in November. Even though the following investigation did not find any evidence to support the allegation, Walmart said there were “lapses in judgement” on how the situation was handled.