Flipkart co-founder Binny Bansal is $14 million richer

Flipkart co-founder Binny Bansal has sold his shares worth over USD 14 million (over Rs 100 crore) in the Indian e-commerce major to New York-headquartered hedge fund Tiger Global, as per regulatory filings accessed through data intelligence platform Paper.vc. “Regulatory filings submitted by Flipkart indicate that former co-founder Binny Bansal has sold a tranche of shares for the third time since Walmart’s takeover of the e-commerce company. This time around, Bansal transferred part of his holding to two Tiger Global funds,” Paper.vc said.
Bansal sold 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder, Tiger Global Eight Holdings, it added.
“Our lower end estimate of the consideration for this sale would be approximately USD 14.5 million, this based on the Walmart acquisition price from 2018.