Indian e-commerce giant, Flipkart has reportedly incorporated a new entity, Sabin Advisors, in order to diversify into the insurance sector and venture capital funding segment. The company was incorporated by Flipkart’s co-founders, Sachin Bansal and Binny Bansal, hence, the title, Sabin Advisors. The incorporation papers did not specify any particular business that the new company plans to enter into, however they did list a number of businesses as its objective including online ventures. As per papers filed with the Registrar of Companies, the company was brought into existence on December 7 last year.

Reports suggest that the co-founders might route all their investments via the new entity and thereafter, in due time, explore other businesses as well. A Flipkart spokesperson, however, stated that she had no information regarding the specifics of the new venture. Flipkart had earlier stated that it planned to enter the insurance and financial services segment, where it would act as a corporate agent to solicit and service insurance policies.

Flipkart has also backed a number of ventures in the past. Some of them include, Unacademy (which is considered to be India’s largest learning platform), Tracxn, which provides information on startups and an electric two wheeler startup called Ather Energy. As per reports, Co-founder Sachin Bansal has so far backed 7 ventures by investing $26 million, while Binny Bansal has backed 17 ventures by investing up to $32 million.

Lately, the company seems to be on an expansion mission since it raised $3 million in a funding round lead by SoftBank. It has also launched 6 private labels in lieu of that aim, including SmartBuy, which is its in-house brand for electronics and electronic accessories; Perfect Homes, which is an in-house brand for furniture and MarQ, which is for large appliances. Additionally the company also launched a separate label Billions, which isn’t tagged with the Flipkart name and is managed by an entirely different team which reports to Sachin Bansal, whereas the other brands are managed by Adarsh Menon.

Additionally, Flipkart has also created a separate entity called AIforIndia, focusing on the development of Artificial Intelligence and Machine Learning so as to resolve any issue in its operations, ranging from the supply to deliver end. The founders stated that they plan to invest millions in the entity while simultaneously looking for suitable acquisitions.

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