Binny Bansal sells Flipkart shares for more than USD 14 million to Tiger Global
New Delhi, September 2 () Flipkart co-founder Binny Bansal sold his shares for more than USD 14 million (over Rs 100 million rupees) in Indian e-commerce to the Tiger Global hedge fund, based in New York, according to the regulatory presentations accessed through the Paper.vc data intelligence platform.
Regulatory presentations submitted by Flipkart indicate that former co-founder Binny Bansal has sold a tranche of shares for the third time since the acquisition of Walmart from the e-commerce company. This time, Bansal transferred part of its stake to two Tiger Global funds, Paper.vc said.
Bansal sold 47,759 equity shares to the existing Internet Fund III Pte Ltd shareholder and 54,596 shares to the incoming shareholder, Tiger Global Eight Holdings, he added.
Our lowest final estimate of the consideration for this sale would be approximately USD 14.5 million, based on the 2018 Walmart acquisition price. If we incorporate a modest increase in the valuation of Flipkart due to the growth of its PhonePe subsidiary, the number could go up to USD 25 million, he said.
Could not get reaction from Binny Bansal.
In June this year, it is said that Bansal sold a small portion of its shares to FIT Holdings SARL, the Walmart entity in Luxembourg, for approximately USD 76.4 million. It is also believed that it sold shares worth USD 159 million during the acquisition of Walmart.
Binny, who co-founded Flipkart with Sachin Bansal (unrelated) in 2007, sold a small portion of his minority stake during the deal with Walmart. After the agreement, Binny Bansal continued to lead Flipkart as CEO and co-founder of the group until November last year, when he resigned after an investigation into alleged serious personal misconduct. Binny had strongly denied the accusation and the independent investigation conducted on behalf of Flipkart and Walmart found no evidence to corroborate the author's claims against Binny. SR ANS ANS