Soon after announcing a whopping Rs 650 crore (USD 91.5 million) investment in taxi-hailing major Ola, Sachin Bansal, one of the founders of Flipkart, has reportedly invested in two fintech companies.
According to a report in Mint, Bansal has invested Rs 250 crore (USD 35.1 million) each via debt in non-banking financial companies (NBFCs) Altico Capital India and IndoStar Capital Finance through BAC Acquisitions Pvt. Ltd., a holding company that Bansal started with investment banker Ankit Agarwal.
“The capital raised from Bansal will help these lenders manage their working capital requirements and leverage their books. The debt was raised through non-convertible debentures," a person quoted in the newspaper said.
Founded in 2009, IndoStar Capital provides financing solutions to corporates and loans to small and medium-sized enterprises (SMEs). The company diversified its portfolio to include vehicle and housing finance products through 129 branches.
Altico Capital provides loan to mid-income residential projects and commercial real estate sectors in cities such as Mumbai, NCR, Chennai, Bangalore, Pune and Hyderabad. The fresh funding will help Altico Capital boost its services in health, education and infrastructure.
Bansal’s investment in these two NBFCs is seen as a bold step considering the liquidity crisis in housing finance companies triggered by a series of defaults by Infrastructure Leasing and Financial Services (IL&FS).
According to Mint, Bansal earned USD 1 billion by selling his 5.5% stake in Flipkart during the USD 16 billion Flipkart-Walmart deal — the biggest acquisition deal in India till date.
According to another report, Bansal has committed to invest USD 100 million in Ola. He also plans to diversify his portfolio and make huge bets in fintech sector. In the weeks gone by Bansal has reportedly held discussions with the intention to invest in at least five technology startups. He has already put in money as an angel investor in the venture Sig Tuple, the Mint report said.