Sachin Bansal, Flipkart's cofounder has acquired DHFLNSE -0.58 % General Insurance from Wadhawan Global Capital (WGC) for around Rs. 100 crore, people in the know of the deal said. The transaction is seen as a distress sale for WGC, which used to run bankrupt home financier Dewan Housing Finance, one of the persons said.

Bansal's bet on the insurance firm is part of his broader ambition in financial services industry, and comes on the back of multiple investments he has made to bulk up his portfolio of firms in the sector.

The deal has been routed through Navi Technologies, formerly BAC Acquisitions which Bansal had founded along with IIT-Delhi batchmate Ankit Agarwal after selling stake in Flipkart in 2018.

Sources said Bansal has bought out the entire stake in the insurer, held by Kapil Wadhawan-owned WGC.

Among the most active entrepreneur investors, Bansal has been actively backing startups for the past few years. After his departure from Flipkart, he began focussing on financing through debt in the past year, backing startups like Bounce, Vogo and a host of financial services companies such as Altico Capital and IndoStar Finance. In one of his largest investments, he had pumped in Rs 650 crore into Ola.