Former cofounder of Flipkart Sachin Bansal has acquired Essel Finance Mutual Fund subject to SEBI approval.
His company ‘BAC Acquisitions Private Limited’ has received go ahead from the Competition Commission of India (CCI).
Sources privy to the development told Cafemutual that the fund house was valued at Rs.30 crore. Essel Mutual Fund manages AUM of Rs.901 crore as on September 2019.
Angel investor Ankit Agarwal who works with Sachin Bansal had reportedly initiated this deal. Agarwal was a director at Bank of America.
Earlier, SREI Infrastructure called off the deal with Essel Finance Mutual Fund due to valuation concerns. SEBI data shows that SREI Infrastructure has applied for MF license on June 6, 2019.
