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Flipkart Co-founder Binny Bansal Sells Part Stake To Walmart For $76 Million

Walmart, the world’s largest retailer, acquired Flipkart for about $16 billion last year, in what was the largest e-commerce mergers and acquisition transaction globally.

Flipkart co-founder Binny Bansal File Photo PTI

A year after Walmart acquired India's leading e-tailer Flipkart, Binny Bansal, the co-founder of the online retailer, has sold around 54 lakh of his equity shares valued at $76 million (Rs 531 crore) to global retail giant's Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said on Monday.

"Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of its erstwhile co-founder Binny Bansal for $76 million through its Luxembourg-based entity FIT Holdings SARL," said the Chennai-based Paper.vc in an e-mail to IANS.

Walmart, the world’s largest retailer, acquired Flipkart for about $16 billion last year, in what was the largest e-commerce M&A transaction globally. 

IANS

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