Binny Bansal, The Founder Of Flipkart, Is Eyeing A Stake In The Prime Volleyball Bengaluru Squad.

Flipkart co-founder Binny Bansal, who has upped the pace of his investments in recent months, is in the final phases of discussions to hold a share in the Bengaluru franchise of the Prime Volleyball League (PVL).

Prime Volleyball League is a tournament similar to the Indian Premier League, featuring eight clubs in Bengaluru, Mumbai, Ahmedabad, and other cities. Ankit Nagori, the founder of cloud kitchen company Curefoods and former senior executive at Flipkart, is one of the main shareholders of Bengaluru Torpedoes. While Nagori owns less than half of the squad, Bansal will hold roughly 10% if the purchase is completed, with the remaining held by the sports management firm Baseline Ventures.

According to insiders, the entrepreneur-turned-investor is purchasing a 10% interest in the company for around Rs 10 crore, valuing the team at around Rs 100 crore. PhonePe founders Sameer Nigam and Rahul Chari bought the Mumbai Meteors franchise of the Prime Volleyball League last year.

Bansal’s investment in Bengaluru Torpedoes emerges to be the non-cricket events gaining traction in India. According to BARC figures, PVL’s viewership increased by more than 50% to 206 million.

Bansal’s investment vehicles.

Bansal, who shifted to Singapore after leaving Flipkart in 2018, has been an angel and early-stage supporter in Indian entities. Still, Bansal doubles down on selected bets by investing at later stages. He is on the boards of many companies, including PhonePe and Curefoods.

Bansal’s Three State Ventures made a Rs 240 crore investment in Nagori’s Curefoods in a capital round that included both primary and secondary investments in April. He had roughly 5% of Curefoods, but his interest has risen to more than 12% after the investment. 

According to sources, Bansal is in negotiations to put his funds of USD 100-150 million in PhonePe startup as part of an ongoing funding round at the digital payments business. If completed, the acquisition will be one of the major single investments in new-age startups, compared to Flipkart’s other founder Sachin Bansal’s $100 million stake in Ola in 2018.

His investments are done via a myriad of entities, including the Singapore-based Three State Ventures; 021 Capital, a fund founded by Bansal’s financial advisor Sailesh Tulshan in which he is the largest sponsor; and xto10x Technologies, which he founded with former Flipkart senior executive Saikiran Krishnamurthy. In 2022, Bansal led a $25 million fundraising round for xto10x. He has spent more time in India in recent quarters, including frequent visits to Bangalore. In addition to his investments, he is spending more time at xto10x. They are thinking about investing in companies through xto10x.

His other portfolio companies include Ather Energy, an electric scooter manufacturer; Yulu, the urban mobility business; Rupeek, a financing platform; and Acko, an insurance startup. Bansal’s great investment is in Acko, the new-age insurance business in which he has an 8-9% ownership and arranged his funds in 2018. According to sources familiar with the situation, Bansal has infused his funds over $30 million in the business since then. Acko is worth $1.1 billion.

He distinguished himself by investing funds at a later period. Bansal has made focused bets, putting a cut on extensive checks for more established enterprises. The IIT Delhi alumnus had planned to start his own fund, but it never materialised. Bansal had intended to start a VC firm in 2019. However, the strategy did not work out, and he has subsequently funded businesses with his personal funds.

In December 2021, Mr Binny sold a part of his stake in Flipkart for around $200 million. He utilised this wealth for his other firms. He still has a 1.8% stake in the Walmart-owned e-commerce company. The transaction is appreciable since it comes at a time when the normal industry has been experiencing a considerable downturn in fundraising activities.

Proofread & Published By Naveenika Chauhan