Binny Bansal sells stake worth $76m in Flipkart to Walmart

Date posted: Wednesday 4 December 2019

Flipkart co-founder Binny Bansal, the poster boy of India’s startup ecosystem, is offloading stake worth $76 million in the e-commerce unicorn to US retail giant Walmart. Bansal is transferring about 539,912 equity shares in Flipkart Private to FIT Holdings SARL, Walmart’s Luxembourg-based entity that takes care of its India businesses. FIT Holdings SARL currently owns about 81.6 per cent in Flipkart.

(Dealstreet Asia)