For around Rs 100 crore Flipkart co-founder Sachin Bansal buys DHFL General Insurance from Wadhawan Global Capital (WGC). It is reported that Bansal has bought out the entire stake in the insurer from WGC. The deal has been routed through Navi Technologies, formerly called BAC Acquisitions.
It is a cause of distress for WGC as its flagship firm has been facing bankruptcy resolution in the National Company Law Tribunal. At present, DHFL General Insurance has about Rs 400 crore assets under management.
Bansal, who sees the next large opportunity in financial services, wants to solve fintech problems especially to improve access and availability of financial services through technology.
This is the second biggest bet by Bansal in the fintech space in a span of four months.
The development comes after Bansal bought a 95% stake in Chaitanya Rural Intermediation Development Services (CRIDS), a non-banking financial company and anointed himself as CEO in September last year.
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