UditSachin Bansal, the co-founder of Flipkart has invested around INR 200 crore into Piramal Enterprises, which is owned by the Ajay Piramal.
The funds were transferred with the help of non-convertible debentures issued by the Piramal Enterprises.
Piramal Enterprises will now be going to use the funds for its financial services business. The non-convertible debentures subscribed by the Sachin Bansal are even said to carry an interest coupon of about 9.5% and a two-year repayment period, according to the report which has been revealed.
Flipkart, owned by Walmart, is based out of Bangalore, which is even founded by the Binny Bansal and Sachin Bansal together in the year 2007. The company in the initial stage focused on the book sales, before also expanding into some other product categories such as the lifestyle products, fashion and consumer electronics.
On the other hand, Piramal Enterprises is the flagship company of the Piramal Group. The company even contributes to three broad sectors, which includes the financial services, pharma, and healthcare information management.
Source: Sachin Bansal