Part Shares Of Flipkart Sold To Walmart For Rs 531 Crore

Flipkart is known as the leading company in e-tailer in India. Recently, its co-founder - Binny Bansal sold a part stake, about 54 lakh, to Luxembourg-based entity FIT Holdings SARL of Walmart – one of the largest retail companies in the world. It was reported by Paper.vc – the business intelligence platform on June 24 that precisely 5,39,912 lakh was sold by Binny Bansal at the price of Rs 531 crore or nearly $76 million.

In an e-mail sent to Indo-Asian News Service (IANS), Paper.vc – a Chennai-based platform mentioned:

On the 9^th of May in 2018, Walmart had a deal with the Indian e-tailer to buy a significant stake of 77% at the price of $16 billion. When that happened, Sachin Bansal, who is also a co-founder, stopped working for the company; however, Binny Bansal chose to stay and manage the team.

Binny, however, resigned a few months later.

Paper.vc stated:

However, the newest sell-off is not the first time Binny Bansal has monetized his shareholding in Flipkart – the company that has lived for 12 years.

Flipkart

Paper.vc also added:

There has been a decrease from 3.85 percent to 3.52 percent in Binny Bansal's equity holding following the current sale proceedings, as calculated by Paper.vc.

Paper.vc’s statement also mentioned: