Flipkart co-founder says he will invest all his capital in this space; Nachiket Mor joins Navi board as director
If given a license, Chaitanya will be the second microlender after the West Bengal-focused Bandhan to be granted a universal banking license
In September, Bansal had invested around $104 million to acquire over 90 per cent ownership of Chaitanya
DHFLGI, Wadhawan Global Capital Ltd and Navi Technologies had entered into a share purchase agreement dated January 2, 2020 for the transaction
Investment to support the transformation of CIFCPL into a technology led universal bank
The new asset will bolster Navi's technology and product development capabilities
This September, the ace entrepreneur found the answer to that when he picked 94 per cent stake in microfinance company Chaitanya Rural Intermediation Development Services
Since exiting Flipkart last year, he has invested in start-ups, including Ola, Ather, Vogo, privately and through his investment vehicle BAC Acquisitions
This is the first clearance under the 'green channel' route, a speedier approval mechanism put in place by the CCI.
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Former Flipkart leader has invested in Chaitanya Rural Intermediation Development Services
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After quitting Flipkart, Bansal has set up BAC Acquisitions (BACQ), which has started to look for investment opportunities in the banking, financial services and insurance (BFSI) space
Walmart's acquisition of Flipkart for $16 billion last year not only provided blockbuster exits to its investors but also turned the founders - Sachin and Binny Bansal - into billionaires
Ather Energy was one of the earliest startup investments of Bansal, when he invested $500,000 in the firm as an angel investor in 2014
The company expects to grow business by five times in next fiscal year at current growth rate
Sachin Bansal has been in discussions with financial experts on the potential to launch a new venture in the fintech sector
This is the largest funding by an individual in the app cab
The investment is in Sachin's personal capacity and is also the largest financing by an individual in Ola till date, Ola said in a statement
The latest funding is expected to be part of the $1 billion Ola has been aiming to raise