Flipkart co-founder and former chief executive officer Binny Bansal has sold additional shares in the e-commerce giant to Tiger Global.
Tiger Global, one of the most prolific investors in startups, has increased its stake in Flipkart from 4.63 percent to 4.69 percent, according to a Registrar of Companies filing by the e-commerce giant.
The sale pocketed Bansal upwards of $14 million, based on the Walmart's acquisition price for Flipkart from 2018.
Bansal's stake in Flipkart stands at 3 percent.
This is the third time Bansal has sold a tranche of shares in Flipkart since American retail giant Walmart acquired 77 percent of the online retailer in May last year. As part of the deal, Bansal has transferred part of his holding to two Tiger Global funds.
Bansal, an Indian Institute of Technology, Delhi alumnus, co-founded Flipkart with Sachin Bansal (no relation) in 2007. He took charge as CEO in 2016 and was the group CEO after Walmart’s acquisition in 2018. Flipkart owns fashion retailer Myntra and Jabong as well as digital wallet PhonePe.
However, in November last year he was forced to step down following allegations of personal misconduct. He remains on the company's board.
First Published: Sept 2, 2019 11:25 AM IST
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