Binny Bansal has sold 5,39,912 equity shares amounting to Rs 531 crore to FIT Holdings SARL, a Luxembourg entity of Walmart. Bansal is monetising his shares to invest in start-ups. With the latest deal he is left with only 3.52 percent of Flipkart shares, down from 3.85 percent during the Walmart takeover. He had sold about 11,22,433 shares to Walmart for about $159 million in 2018. Walmart is the owns 77 percent in Flipkart.
As per the Walmart contract, Bansal is slowly cutting his stake in Flipkart even as he turns into a prolific investor in the startup ecosystem. He invested in start-up Acko, an online insurance startup, by writing a cheque of $25 million. He also supported artificial ventures like Spotdraft, invested in health-tech company NIRAMAI and in learning platforms like Crio.
In May 2018, Walmart had bought Flipkart for about $16 billion for an initial stake purchase of 77 percent. Binny Bansal stepped down from his chairman's post after he was investigated on an allegation of personal misconduct. He holds a board seat in Flipkart and is a co-founder of xto10x Technologies.
Sachin Bansal, the other co-founder of Flipkart, had sold all his shares to Walmart for $800 million to $1 billion.