Binny Bansal seeks $100 mn from Walmart after Flipkart exit3 min read 19 Dec 2018, 07:21 AM IST
Binny Bansal's Flipkart exit makes him eligible to receive an immediate, smaller payment from Walmart for his stake worth $850 million in the e-commerce firm
Bengaluru: Flipkart co-founder Binny Bansal is negotiating fresh terms to receive cash payouts from Walmart after he resigned from Flipkart as chairman and group chief executive last month, two people familiar with the matter said. According to his earlier contract, Bansal would have received cash from Walmart for over half of his 4-4.5% Flipkart stake that is worth more than $850 million after August 2020, the people cited above said, requesting anonymity. However, after his resignation Bansal might receive an immediate, smaller payment of about $100 million, the people said. The rest of the payout would be due to Bansal by August 2020, they said.
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