Sachin Bansal could soon acquire Essel Group’s mutual fund

• Flipkart founder Sachin Bansal is reportedly in talks to take over Essel Mutual Fund.
• Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not go through.
• Recently, Bansal invested ₹200 crore in Piramal Enterprises’ debt.

Flipkart founder Sachin Bansal is in talks to acquire Essel Mutual Fund, according to reports. Bansal is reportedly in the final stages of the deal, has long since hinted at a possible venture in finance.

Earlier this month, it was reported that Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not come through. Essel Mutual Fund has Assets Under Management worth ₹1,428 crore.

Bansal has been making big ticket investments in the country’s financial sector. The latest deal where he would take the company, might mark his big entry into the sector.

He recently had also invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). Piramal Enterprises in turn will infuse these new funds into its financial services sector.

In February 2019, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. He invested ₹250 crore each through his company BAC Acquisitions.

In the same month, ET said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank.

Meanwhile, in May 2019, Bansal joined Ujjivan Small Finance Bank as its independent director.

Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018.