Binny Bansal, Flipkart’s co-founder, and former group CEO and chairman has sold his 0.33% stake for ₹534.8 crores. This is the second time Bansal has sold his shares since his exit from the e-commerce marketplace in November 2018.
Earlier during the Walmart-Flipkart $16 billion acquisition transaction, he held a small portion of his stake. At that time he sold 11,22,433 shares for ₹1,113 crores keeping only 3.85% stake. With this latest transaction, his share in Flipkart remains 3.52%. He has transferred 5,39,912 equity shares to FIT Holdings SARL, a Luxembourg company owned by Walmart, according to the filing with the registrar of companies.
On the other hand, Sachin Bansal, Flipkart’s other co-founder sold his entire stake for about ₹7,000 crores during his exit. Binny Bansal has signed a contract with Flipkart that authorizes him to sell about half of his stake by August 2020. He could raise around $400 million from this, provided the company meets certain milestones.
Binny had to quit as group CEO of Flipkart following allegations of sexual assault, lack of due diligence and evidence of lapses in the journey. He was, however, exonerated of the charges
After he ended his journey with Flipkart, he partnered with Mckinsey consultant Saikiran Krishnamurthy to launch xto10x to help growth stage startups. He has invested in startups like Acko, SporDraft, SigTuple, and Increff. He is apparently planning to shift his base to Singapore as the country has one of the most flexible terms of tax structure and policy for startups.
Walmart, the world’s largest retailer, acquired Flipkart for about ₹1,12,000 crores last year, in what was the largest e-commerce M&A transaction globally. At the time, Walmart had acquired 77% of the Bengaluru-headquartered company, valuing it at ₹1,47,000 crores.