In July, the Bengaluru-based ecommerce major was valued at $37.6 billion
It grossed $3.6 billion By the likes of Canada Pension Plan Investment Board, Singapore’s sovereign wealth fund GIC and Japan’s SoftBank Vision Fund II, as well as its largest shareholder, Walmart. Bansal’s partial stake sale has not been reported earlier.
“Binny made a secondary sale of more than $200 million of shares to Tencent in the previous round,” said a person with knowledge of the matter. Secondary sale takes place between two investors and the capital does not come into the treasury of the company.
Bansal did not respond to emails and messages sent by ET. Emails sent to Flipkart and Tencent Holdings remained unanswered.
making one
Sudden exit from Flipkart in 2018 For failing to disclose a “personal misconduct”, Bansal still holds about 2.4% in the company after the July stake sale. According to Tracxn, he had a 2.7% stake in Flipkart prior to the funding round. Walmart holds a 72% stake in Flipkart, while China’s Tencent holds a 5.3% stake.
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Bansal has been an active angel investor and after his exit from Flipkart, was planning to raise his own investment fund to support startups. He was in active discussions with investors to set up his own fund, but those talks have not materialized so far. According to people familiar with the discussions, he wanted to raise around $400 million for his first fund.
Earlier this week, he invested in new-age credit card startup Slice, which
Raised $220 million at a valuation of over $1 billion, has become the latest unicorn in India. he recently led
$6 million seed funding round At the curative wellness platform Mindhouse, Zomato cofounder Pankaj Chadha launched along with Pooja Khanna. Sources said Bansal is likely to use the cash from the latest share sale to fund more startups.
Bansal, now largely based in Singapore, has investments in early-stage fund 021 Capital as its main backer or limited partner. Invest in LP funds.
In addition to these investments, Bansal personally as well as through 021 Capital, backed edtech startup Brightchamps,
Worth close to $500 million, Insurtech Startup Acko, Whatever
became a unicorn Most recently, and electric vehicle startup Ather Energy among others. Unicorns are privately held companies that are valued at over $1 billion.
Unlike Binny Bansal, who held a portion of his stake, Flipkart’s other founder – Sachin Bansal – sold his entire 5.5% stake in etailer in 2018 for about $1 billion, when Walmart acquired it.
in a $16 billion deal,
For Binny Bansal, his remaining 2.4% stake in Flipkart is likely to generate more wealth if the company goes public. Though the timeline has not been finalized yet, the e-tailer is expected to go public in a few years.
The July funding in Flipkart was the first capital infusion from outside investors since its acquisition of Walmart in 2018. Flipkart also saw its valuation jump to $37.6 billion, up from $24.9 billion last year when it raised $1.2 billion in an internal round led by Walmart. , Three years ago, the company was valued at $22 billion.