India’s Flipkart co-founder eyes fintech, agritech sectors
Flipkart co-founder Sachin Bansal plans to set up a holding company to invest in new markets
After moving on from the e-commerce giant he founded following its takeover by Walmart, Sachin Bansal is reportedly looking to invest in agriculture technology and financial technology.
He plans to set up a holding company through which he will establish new businesses and make fresh investments. Bansal has brought in Ankit Agarwal, a veteran of American Express and Deutsche Bank, as a partner, Economic Times reports.
After Walmart took over control of Flipkart, Bansal sold his 5% stake for nearly US$1 billion, of which he may have retained nearly $750 million, after taxes.
The Flipkart founder is also reportedly in talks with cab aggregator Ola to invest $100 million, the daily added.
Walmart acquired a 77% stake in Flipkart for $16 billion after valuing the e-commerce firm at $21 billion. This was Walmart’s largest-ever acquisition to date and the biggest e-commerce deal globally.
Flipkart’s other co-founder Binny Bansal, who had continued as group chief executive officer after the Walmart takeover, recently left the company after allegations of sexual harassment by a former employee.