In the week following reports that Flipkart cofounder Sachin Bansal may explore setting up a bank, Bansal has made his first two investments in Non-Banking Financial Companies (NBFCs) — Altico Capital India and IndoStar Capital Finance.
Bansal via BAC Acquisitions has reportedly invested $35.16 Mn (INR 250 Cr) each via non-convertible debt as the NBFCs looks to use the funds to manage their working capital requirements and to leverage their books.
Mumbai-based Altico Capital India Ltd is a real estate-focused non-banking financial company which is backed by Clearwater Capital Partners LLC, Abu Dhabi Investment Council and Varde Partners Inc.
Mumbai-based IndoStar Capital Finance Limited is primarily engaged in providing structured term financing solutions to corporates and loans to small and medium enterprises.
BAC Acquisitions: Sachin Bansal’s Second Innings
The investments are a big deal for the Indian startup ecosystem as Bansal has now expanded his investment purview with these investments.
In December 2018, Bansal along with his friend and cofounder Ankit Agarwal registered BAC Acquisitions Pvt Ltd in Bengaluru to develop platforms to optimise business automation and computerisation of processes across sectors.
Earlier in January 2019, Inc42 accessed BAC Acquisitions filings to highlight that the major objective of the company is “to acquire, maintain, develop, and make available information-technology-driven products for providing services of every kind including, commercial, data processing, data entry, customer relationship management, communication, data analysis, social, gaming, design, cloud computing or other services.”
Bansal recently invested $7 Mn (INR 50 Cr) in the company taking its authorised share capital to INR 7,500 Cr ($1.05Bn). Over the past few weeks, Bansal has held discussions to invest in at least five technology startups, including some ventures where he has already committed funds as an angel investor, such as medical technology startup SigTuple.
Last week, Sachin Bansal announced his $92 Mn investment in cab hailing giant Ola’s ongoing Series J round. Further, there is speculation about Bansal investing $50Mn–$100 Mn (INR 347 Cr- 695 Cr) in an electric vehicle startup Ather Energy.
Looks like there is no dearth of funding support coming to Indian startups as well as NBFCs with Sachin Bansal.
[The development was reported by Livemint.]