Co-founder of India’s biggest e-commerce platform Sachin Bansal is now returning to the startup scene with a new office in Bengaluru. As per the documents filed by Sachin with the Ministry of Corporate Affairs (MCA), he has registered a new holding company named “BAC Acquisitions Private Limited”, along with a friend and former investment banker Ankit Agarwal.
Sachin Bansal who resigned from Flipkart last month has sold his stake of around 5 percent in Flipkart for $1 billion will now use his new venture to invest in early-to-mid stage startups besides launching new businesses along with Co-director Ankit Agarwal.
Ankit went to IIT Delhi with Sachin and has worked as an investment banker with Deutsche Bank and Bank of America, as a founding employee. According to the report, Sachin holds 99.01% stake in the holding company and Ankit holds the remaining shares.
According to the Memorandum of Association (MoA), BAC plans to build and acquire businesses in “technology and providing services through information technology-driven internet and mobile platforms in various sectors such as data sciences, healthcare, energy, media & entertainment, fast-moving consumer goods, engineering, retail, logistics, food & beverages, infrastructure, construction, machinery, agriculture, automobile, HR, gaming, fiscal advisory and insurance.
