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Binny Bansal sells Flipkart shares worth $14 million to Tiger Global

Flipkart co-founder Binny Bansal has 3 per cent stake in the company that he exited in November last year.

twitter-logo BusinessToday.In   New Delhi     Last Updated: September 2, 2019  | 10:12 IST
Binny Bansal sells Flipkart shares worth $14 million to Tiger Global
Binny Bansal sells $14 million worth Flipkart shares

Flipkart co-founder Binny Bansal has sold additional shares of the company worth $14 million to investor Tiger Global Management. The fresh sale comes after Bansal sold $76 million worth of shares earlier in June this year. The new deal could be a part of an accelerated share sale agreement that was signed at the time of Bansal's exit from the company in November last year.

Binny Bansal still has 3 per cent stake in the company and continues to be part of the board. He has been actively investing in start-ups as mentioned in a report in Times of India. Walmart had pumped in $16 billion in Flipkart last year to acquire 77 per cent stake in the company.

Binny Bansal has also supported stage venture capital firm 021 Capital. It was launched by his wealth manager Sailesh Tulshan. Bansal also acts as an angel investor and has funded a dozen start-ups. He has also funded digital insurance player Acko and Niramai that is developing a non-invasive way to detect breast cancer.

Binny Bansal had founded Flipkart in 2007 with Sachin Bansal. Sachin Bansal who had left the company before Binny Bansal is also an investor. He has invested Rs 250 crore in NBFCs Altico Capital and IndoStar Capital.

Also read: Flipkart to roll out free movies, videos and web series on its app in August

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