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Last Updated : Jun 24, 2019 06:04 PM IST | Source: Moneycontrol.com

Binny Bansal sells $76.4mn worth of Flipkart shares to Walmart arm

Bansal is learnt to have transferred 539,912 equity shares to FIT Holdings SARL, Walmart’s Luxembourg entity

Priyanka Sahay @priyankasahay

Flipkart's co-founder and former Group CEO Binny Bansal, who exited the company last year, has sold off a part of his stake to Walmart, the owner of the e-commerce firm, for a cash consideration of $76.4 million, according to regulatory filings submitted by the company.

Bansal is learnt to have transferred 539,912 equity shares to FIT Holdings SARL, Walmart’s Luxembourg entity, Vivek Durai, founder of data intelligence firm Paper.vc, told Moneycontrol.com.

However, this is not the first time that Bansal has sold his stake. His holdings have fallen from 7,476,271 equity shares before the buyout to 6,353,838 equity shares post-acquisition. He is learnt to have sold 1,122,433 shares for about $159 million during the Walmart takeover. As per Paper.vc, the current sale reduces Binny’s holding from 3.85 percent to 3.52 percent.

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Walmart acquired 77 percent stake in Flipkart in May last year, which saw an immediate exit of one of the founders, Sachin Bansal from the company.

While Binny had stayed on to lead the management, in a surprising turn of events, he also exited the firm in a few months after an independent probe by Walmart into an allegation of serious personal misconduct.

Currently, he is learnt to be busy backing a new venture xto10x Technologies, which was founded by his former colleague Saikiran Krishnamurthy. The venture offers technology tools and learning and consulting services to growth-stage startups that are looking to scale up.

He is expected to use the payments from Walmart to invest in startups. He has already invested in a number of startups including SigTuple and Roposo among others.

Flipkart and Binny Bansal didn't immediately respond to queries.

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First Published on Jun 24, 2019 12:29 pm
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