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Report: Flipkart cofounder acquires DHFL General Insurance for 1B rupees

Flipkart Online Services Pvt. Ltd. co-founder Sachin Bansal has acquired DHFL General Insurance Ltd. for 1 billion rupees, The Economic Times reported, citing people in the know of the deal.

Bansal acquired a 100% stake in the general insurer from Wadhawan Global Capital Pvt. Ltd., which previously managed more than US$22 billion in assets through its platforms before its flagship company, Dewan Housing Finance Corp. Ltd., was taken over by the Reserve Bank of India to undergo bankruptcy proceedings.

The acquisition of DHFL General Insurance was routed through Navi Technologies, which is actively scouting for opportunities in the banking, financial services and insurance space, according to the report, citing a Navi Technologies spokesperson.

As of Jan. 10, US$1 was equivalent to 70.94 Indian rupees.