April 16: Sachin Bansal is reportedly in plans to acquire around 75 percent of Chaitanya Rural Intermediation Development Services, headquartered in Bengaluru. The company runs a microfinance institution, Chaitanya India Fin Credit (CIFCPL). The transactions regarding the same involve Rs 200 cr.
Sanchin Bansal will be seen as an executive level at the company if the deal gets successful, said a news report. Chaitanya cofounder Samit Shetty has stated that the company is in plans to raise a primary capital of Rs 150 cr and is in talks with various investors.
Sachin Bansal, who had been making investments in NBFCs after he left his eCommerce entity, is likely to usher in larger developments in his new venture BAC Acquisitions. As per news reports, the venture has received a shareholder approval for another target acquisition.
The reports said that the Ministry of Corporate Affairs has also revealed that BAC Acquisitions has approved of a board resolution to incur expenses to appoint or fulfill due obligations of a “target acquisition”.
In February 2019, BAC Acquisitions signed a resolution in which they stated that they will provide loan or guarantee or acquire a stake and the like in any corporate institution for a deal of up to Rs 500 Cr. The company had reduced the loan limit from Rs 800 cr to Rs 500 cr post a board meeting recently.
Sachin Bansal together with his friend and cofounder Ankit Agarwal registered BAC Acquisitions Pvt Ltd in Bengaluru in December 2018. With the firm, they were aiming to platforms to optimize business automation and enable computerization of processes across sectors.
Based on the BAC Acquisitions filings in January 2019, the main objective of the company is ‘to acquire, maintain, develop, and make available information-technology-driven products for providing services of every kind including, commercial, data processing, data entry, customer relationship management, communication, data analysis, social, gaming, design, cloud computing or other services’.
In January, the company increased its authorized share capital to Rs 7,500 cr ($1.05 bn). After this, Sachin Bansal had made an investment of $7 mn (Rs 50 cr) in the company.
Sachin Bansal’s investments in Non-Banking Financial Companies (NBFCs) — Altico Capital India and IndoStar Capital Finance via debt of $35.16 mn (Rs 250 cr) each assures that the company is interested in the financial sector.