Binny Bansal, Co-founder of ecommerce company , has fully exited the company by selling his shares to Walmart, generating $1-1.5 billion from its inception to his exit, Moneycontrol reported on Monday.
While Sachin Bansal, the other co-founder of Flipkart, had already sold his entire stake to Walmart in 2018, co-founder Binny Bansal continued to hold onto a small stake in Flipkart post the acquisition by Walmart.
Early-stage investor Accel is also said to have sold its shares to Walmart and gained a bumper return of 20-25X return amounting to $1.5-2 billion, the report added. Accel’s US and India entities together owned 20% of Flipkart and gradually reduced their stake to 6% after Walmart’s acquisition of the ecommerce firm in 2018.
YourStory has reached out to Accel for comments.
In March, Binny Bansal was in talks to infuse around $100-150 million in digital payments and financial service startup PhonePe as part of an ongoing financing round. If finalised, it would be among the largest individual investments in a new-age entity, The Economic Times had reported.
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Earlier on Monday, The Wall Street Journal reported that Walmart bought Tiger Global’s remaining shares for $1.4 billion, marking its commitment to taking Flipkart’s ecommerce ambitions to the global scale.
Walmart acquired a 77% stake in Flipkart for close to $16 billion in 2018, its largest acquisition to date. The current deal is expected to strengthen Walmart’s commitment to Flipkart with greater exposure to the global digital-consumer market.
Walmart’s total holding in Flipkart is likely to have increased to 80%, The Economic Times reported on Monday.
Edited by Kanishk Singh
