Binny Bansal Set to Acquire 10% Stake in Bengaluru Torpedoes Volleyball Team
- ByStartupStory | May 22, 2023
According to a report, Binny Bansal, the co-founder of Flipkart, is in advanced discussions to purchase a stake in Bengaluru Torpedoes, the Bengaluru franchise of the Prime Volleyball League (PVL). As an entrepreneur-turned-investor, Bansal aims to acquire a 10% share in the company for Rs 10 crore, thereby valuing the team at Rs 100 crore.
During a time when interest in non-cricket tournaments is on the rise in India, Binny Bansal’s investment in the firm is significant. According to data from BARC, the viewership of PVL’s second season this year witnessed a remarkable growth of over 50% compared to the previous year, reaching 206 million viewers.
The Prime Volleyball League (PVL) is an IPL-style tournament featuring eight teams located in Bengaluru, Mumbai, Ahmedabad, and other cities. Ankit Nagori, the Founder of cloud kitchen startup Curefoods, is a prominent owner of Bengaluru Torpedoes. Notably, he was a former senior executive at Flipkart.
Ankit Nagori currently holds approximately 50% ownership in the team, and Binny Bansal is expected to acquire a 10% stake once the deal is finalized. The remaining ownership of the team is held by Baseline Ventures, a sports management firm. In a similar development, Sameer Nigam and Rahul Chari, the founders of PhonePe, purchased the Mumbai franchise of PVL, known as the Mumbai Meteors, in the previous year.
Binny Bansal, known for his role as an angel investor and early-stage supporter in multiple startups, has expanded his investment activities to later stages as well. Demonstrating an increased investment pace, Bansal led Three State Ventures in a Rs 240 crore investment in Curefoods, where he holds a 5% stake. Furthermore, Bansal is currently engaged in discussions to inject a substantial amount, ranging from $100 million to $150 million, into PhonePe, a digital payments and financial service startup.
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