Mumbai: Binny Bansal, co-founder of e-commerce giant Flipkart, has sold the company's stock to Tiger Global. Bansal has sold shares for more than $ 14 million, or Rs 100 crore. This information has been obtained from a document with the data intelligence platform Paper.com VC. Paper.com VC stated that 'Information given by Flipkart to the stock markets indicated that Binny Bansal has sold shares for the third time after Walmart acquired Flipkart.
This time Bansal has transferred his stake to two funds of Tiger Global. It added that Bansal sold 47,759 equity shares to the current shareholder Internet Fund 3 Pvt Ltd and 54,596 shares to Tiger Global et Holdings. Paper VC said, 'We estimate that this sale deal would have been at the lowest level for Rs 100 crore.
This is based on the acquisition price of shares being made by Walmart since 2018. If we include the increase in the capitalization of Flipkart due to the growth of 'PhonePe' then this deal could be of an even greater amount. There was no response from Binny Bansal. In June this year, Bansal sold a small portion of its stake to Fit Holdings SARL, a Walmart entity. Actually, Flipkart is getting a tough challenge from Amazon.
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