Flipkart’s co-founder Binny Bansal has sold his 102355 shares of Flipkart to an investment firm Tiger Global. The value of these shares is $14 million (approximately Rs 100 crore).
Following this deal, Tiger Global’s stake in Flipkart increased from 4.63% to 4.69%. Flipkart gave this information to the Registrar of Companies. This information was revealed on Monday, 2nd September.
“Regulatory filings submitted by Flipkart indicate that former co-founder Binny Bansal has sold a tranche of shares for the third time since Walmart’s takeover of the e-commerce company. This time around, Bansal transferred part of his holding to two Tiger Global funds,” said Data intelligence platform Paper.vc.
Now he holds 3% of Flipkart’s shares. In June this year, 5.4 lakh shares were sold to Walmart for Rs 531 crore. According to media reports, during the Walmart deal last year, Binny sold 1122433 shares for Rs 1103 crore.
Binny Bansal resigned as Group CEO of Flipkart in November last year following allegations of sexual exploitation.
In June 2019, rumours were rife that Walmart is looking to exit from Flipkart as the latter heads for an IPO in the US. After that Bansal had sold some of his shares. Bansal, who had exited from all operational roles in the company over allegations of personal misconduct, sold a part of his shares for $76.4 million, according to filings sourced by paper.vc
During the sale of Flipkart to Walmart in 2018, Bansal made $159 million by selling over 1.1 million shares.Since his Flipkart exit, Bansal turned into a full-time investor.
In January this year, Binny Bansal had closed the first round of $32 million for his VC fund called ‘021 Capital’ which he formed with his financial adviser Sailesh Tulshan,. The former Flipkart Group CEO also raised a round from Premji Foundation and is also backed by former Flipkart employees.