Binny Bansal, co-founder of Flipkart, is reportedly in advanced discussions to acquire a stake in Bengaluru Torpedoes, the Bengaluru franchise of the Prime Volleyball League (PVL). According to The Economic Times, Bansal is looking to purchase a 10% stake in the team for Rs 10 crore, valuing the franchise at Rs 100 crore. While the report has not been independently verified, it highlights Bansal’s interest in non-cricket sports ventures at a time when they are gaining popularity in India.
The viewership of PVL’s second season witnessed significant growth, surpassing last year’s figures by over 50% and reaching 206 million, as per data from BARC. PVL, similar to the Indian Premier League (IPL), features eight teams based in cities like Bengaluru, Mumbai, and Ahmedabad. Ankit Nagori, founder of cloud kitchen startup Curefoods and a former senior executive at Flipkart, is among the key owners of Bengaluru Torpedoes, holding approximately 50% stake in the team. Once the deal is finalized, Bansal’s ownership will amount to around 10%, with the remaining stake being held by sports management firm Baseline Ventures.
Binny Bansal has been an active angel investor and early-stage supporter of various startups. In recent months, he has intensified his investment activities and led Three State Ventures in a Rs 240 crore investment in Curefoods, where he currently holds a 5% stake. The acquisition of a stake in Bengaluru Torpedoes adds to Bansal’s expanding investment portfolio.
Non-cricket sports ventures in India have been gaining traction, offering opportunities for entrepreneurs and investors to tap into the growing market. With the potential involvement of Binny Bansal in the PVL through his stake in Bengaluru Torpedoes, the league’s popularity and reach are expected to further increase, providing a platform for emerging talent and fostering enthusiasm among sports enthusiasts across the country.
