Flipkart co-founder Sachin Bansal has reportedly invested about Rs 200 crore in the non-convertible debentures (NCDs) of Piramal Enterprises, according to media reports.
Bansal reportedly subscribed to the non-convertible debentures (NCDs) worth Rs 200 crore issued by Piramal Enterprises, which has business interests in pharma and financial services, Mint reported.
"The money will be used for the financial services business," the report said, quoting a source in the know of the matter. The NCDs that Bansal subscribed carry an interest coupon of around 9.5 percent and a repayment period of two years.
After exiting Flipkart last year, Bansal has been making some big investment moves.
Sachin, who founded Flipkart over a decade ago with Binny Bansal, had quit after US retail behemoth Walmart picked up 77 percent stake in the Indian e-commerce company for $16 billion last year.
In May this year, Bansal had announced an investment of $32 million in electric vehicle manufacturer Ather Energy, which had raised $51 million in its latest round of funding.
Ather Energy was one of the earliest startup investments of Bansal when he invested $0.5 million in the firm as an angel investor in 2014.
Since 2014, Bansal has made 18 investments in local, early-stage startups where the deal size was $1-2 million. In 2019, Bansal invested $100 million in Ola Cabs.
Bansal also had investments in Grey Orange, SigTuple, Inshorts, Unacademy and TeamIndus.
In April this year, there were reports that Bansal had plans to acquire 75 percent stake in Bengaluru-based microfinance firm Chaitanya Rural. The reports claimed that he might even take the post of the chief executive officer (CEO) following the successful transaction.
In February, Bansal invested about Rs 650 crore in Ola, giving the Indian ride-hailing company more ammunition to compete with rival Uber. The investment was in Bansal's personal capacity and was also the largest financing by an individual in Ola till the date. In January, Ola had issued shares worth Rs 150 crore to Sachin as part of series J round of funding.
Updated Date: Jul 15, 2019 14:41:24 IST