Cover story: Sachin Bansal buys DHFL Gen Insurance

MUMBAI: Flipkart cofounder Sachin Bansal has acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs. 100 crore, people in the know of the deal said. The transaction is seen as a distress sale for WGC, which used to run bankrupt home financier Dewan Housing Finance, one of the persons said.Bansal’s bet on the insurance firm is part of his broader ambition in financial services industry, and comes on the back of multiple investments he has made to bulk up his portfolio of firms in the sector.73180951 The deal has been routed through Navi Technologies, formerly BAC Acquisitions which Bansal had founded along with IIT-Delhi batchmate Ankit Agarwal after selling stake in Flipkart in 2018.Sources said Bansal has bought out the entire stake in the insurer, held by Kapil Wadhawan-owned WGC.“Navi is actively scouting for opportunities in BFSI space,” a spokesperson for the company said when contacted by ET. “Specifically, it is interested in the intersection of technology and financial services, where we believe technology can be harnessed to improve access and availability of financial services,” the spokesperson said.

from Economic Times https://ift.tt/2t3jfkS