Flipkart cofounder Sachin Bansal acquires DHFL General Insurance, says report

Flipkart  cofounder Sachin Bansal has acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs 100 crore, according to The Economic Times report.

According to the report it is a distress sale for WGC, the promoter of bankrupt home financier Dewan Housing Finance. Bansal has reportedly bought the entire stake in the insurer, held by Kapil Wadhawan-owned WGC.

The deal has been routed through Navi Technologies, formerly BAC Acquisitions, the report said citing sources. Bansal, along with IIT-Delhi batchmate Ankit Agarwal, had founded BAC Acquisitions after selling stake in Flipkart in 2018.

Navi Technologies was actively scouting for opportunities in BFSI space and it is interested in the intersection of technology and financial services, the ET report said.

Dewan Housing is currently facing bankruptcy resolution in the National Company Law Tribunal (NCLT). WGC owns 39 percent in the mortgage lender.

The insurer would manage more than $22 billion (Rs 156,518) of assets through Dewan Housing before it was taken to the NCLT, it said.

DHFL General Insurance has about Rs 400 crore assets under management. Recently, Navi Technologies bought out Bengaluru-based MavenHive for an undisclosed sum.

Post a Comment

0 Comments