Former CEO of Flipkart, Sachin Bansal, buys DHFL General Insurance

Sachin Bansal, co-founder and and former CEO of Flipkart, has acquired DHFL General Insurance from Wadhawan Group Capital (WGC). Bansal acquired the insurance company for around Rs 100 crore.
With this acquisition, Bansal’s entry into the insurance business is being seen by the experts as his strategy to enter into financial services industry. In order to strengthen his portfolio of firms in the insurance sector, Bansal had done multiple investments in insurance business.
Bansal exited Flipkart last year after US-based retail giant Walmart acquired majority stake in the e-commerce platform. He later sold his 5.5% stake in Flipkart for $1 billion. In February last year, Bansal had invested Rs 650 crore in cab aggregator Ola in his personal capacity as an investor. Among others, he has also invested in NBFC firms Altico Capital India Ltd and IndoStar Capital Finance; scooter-rental start-ups Vogo and Bounce.
DHFL has a debt of around Rs 40,000 crore to the banks, against which insolvency proceedings have been initiated after it defaulted on repayments to the creditors.