Bansal has transferred part of his holding to two Tiger Global funds
This is the third time that Bansal has sold a tranche of his shares since Walmart took over the e-commerce firm
Bengaluru: Flipkart co-founder Binny Bansal has sold $14 million worth of shares in the company to New York hedge fund Tiger Global, according to regulatory filings accessed through data intelligence platform Paper.vc. This is the third time that Bansal has sold a tranche of his shares since Walmart took over the e-commerce firm.
Bansal has transferred part of his holding to two Tiger Global funds – 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings.
“Our lower end estimate of the consideration for this sale would be approximately $14.5 million, based on the Walmart acquisition price from 2018," said Vivek Durai, cofounder of Paper.vc. “If we incorporate a modest increase in Flipkart’s valuation because of the growth of its subsidiary PhonePe, the number could go up to $25 million."
In June, Bansal liquidated a small portion of his shareholding for a cash consideration of $76.4 million by selling it to FIT Holdings SARL, a Walmart’s Luxembourg entity, the documents show.
Prior to that, he had sold a block of shares (1,122,433) for approximately $159 million.