Looks like Flipkart cofounder Sachin Bansal has chosen to make another bet with his exit earnings from Flipkart of $1 Bn (INR 6,955 Cr). Even though Bansal has joined the club of billionaires with his exit, he has also started his new venture, BAC Acquisitions.
A media report citing people familiar with the development said that Sachin has inked deals to buy two residential properties in the upmarket locality of Koramangala in Bengaluru for about $6.39 Mn (INR 45 Cr). He’s paying $625 (INR 44,000) per sqft and $540 (INR 38,000) per sqft, respectively, for them. Bansal’s two new properties are of 5,800 sqft.
Interestingly, Koramangala was also the first office of Sachin and Binny Bansal’s brainchild Flipkart. 447-C, 12th Main, Koramangala was a residential space where the Flipkart founders rented the first floor to begin their dream journey in 2007.
Also, Sachin has his own place in Koramangala, living among other billionaires of India such as Infosys cofounders Nandan Nilekani and Kris Gopalakrishnan. Even Flipkart cofounder Binny Bansal, who resigned from the company in November, lives in Koramangala.
In recent months, there were reports stating that Sachin was looking to begin a new entrepreneurial journey with a focus on artificial intelligence. There was speculation stating that Sachin was also planning to invest $50 – 100 Mn (INR 347 Cr- 695 Cr) in Bengaluru-based electric vehicle maker Ather Energy and $100 (INR 695 Cr) Mn in cab hailing platform Ola.
Sachin had also paid an advance tax of $100.3 Mn (INR 699 Cr) for the first quarter of 2018-19 on his Flipkart earnings. With two residential building added to his real estate collection coinciding with his new venture, looks like Sachin Bansal is ensuring good luck charms for his successful second innings.
[The development was reported by ET.]