Binny sells part stake to Walmart for Rs 531 cr

Bengaluru, June 24 

Binny Bansal, the co-founder of India’s leading e-tailer Flipkart, sold around 54 lakh of his equity shares valued at $76.4 million (Rs 531 crore) to world’s retail giant Walmart’s Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said.

“Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of Binny Bansal for $76.4 million,” said the Chennai-based Paper.vc. 

Though the other co-founder, Sachin Bansal, exited Flipkart when Walmart bought controlling stake (77 per cent) in it for a whopping $16 billion on May 9, 2018, Binny stayed on.

“Binny, however, resigned a few months later after an investigation into allegations of personal misconduct (sexual harassment) on his part,” Paper.vc said.

The latest sell-off, however, is not Binny’s first monetisation of his equity holding in 12-year-old Flipkart. “Binny’s holding fell to 63,53,838 shares post-acquisition from 74,76,271. Our assessment is he sold 11,22,433 shares for $159 million when Walmart took over Flipkart,” it added. —IANS