Flipkart’s co-founder Sachin Bansal has acquired DHFL General Insurance from Wadhawan Global Capital (WGC) in a deal worth Rs 100 crore, said sources. The transaction, according to some media reports, is named as a distress sale for WGC, which was running financial sinking home financier Dewan Housing Finance.
Bansal’s new acquisition is said to be a part of its larger plan to step into the financial services industry, and adds to list of its recent investments made to highlight his portfolio of firms in the sector.
The deal has been pitched through Navi Technologies, formerly BAC Acquisitions which Bansal had founded along with IIT-Delhi batchmate Ankit Agarwal after selling stake in Flipkart in 2018.
Sources disclose that Bansal acquired entire stake in the insurer, held by Kapil Wadhawan-owned WGC.
Dewan Housing was the flagship company of WGC. It is currently facing bankruptcy settlement in the National Company Law Tribunal (NCLT). WGC, which owns 39 percent in the mortgage lender, used to handle over $22 billion of assets through its lending, investment and protection platforms before Dewan Housing was taken to the NCLT.
DHFL General Insurance has nearly Rs 400 crore assets under management.