Former cofounder of Flipkart Sachin Bansal is in advanced talks to acquire Essel Finance Mutual Fund, said two sources familiar with the development.
Angel investor Ankit Agarwal who works with Sachin Bansal has reportedly initiated this deal. Agarwal was a director at Bank of America. Sources said that the company would make this announcement in a week’s time.
These sources told Cafemutual that SREI Infrastructure called off the deal with Essel Finance Mutual Fund due to valuation concerns. SREI Infrastructure is already into Infrastructure Debt Fund (IDF) business and has AIF, insurance broking and infrastructure financing business.
SEBI data shows that SREI Infrastructure has applied for the MF license on June 6, 2019.
Sources further said that the fund house is in talks with a few more investors such as Zerodha to sell its stake.
Essel Mutual Fund manages AUM of Rs.1040 crore as on June 2019.
