Diabytes
Binny Bansal News
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The CEO of Flipkart Group stated in a release that the company is the result of a brilliant idea and extensive effort crafted by dedicated teams with a commitment to revolutionizing the way people shop in India.
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Sachin Bansal and Binny Bansal co-founded Flipkart in 2007, transforming it from an online bookstore into India's leading e-commerce giant, revolutionizing the country's online shopping landscape.
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The report said, citing sources, that Bansal will not seek to raise external funds and would rather infuse his own capital in the new e-commerce startup.
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The investment amount has not been decided upon, negotiations have been ongoing and are most likely to conclude soon: Reports.
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Bansal holds around 1.84 per cent stake in Flipkart after selling part of his stake to Tencent.
The transaction was completed on October 26, 2021.
Tencent arm holds 0.72 per stake in Flipkart.
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The $514-billion Walmart acquired majority stake (77 per cent) in the city-based Flipkart on May 9, 2018 for a whopping $16 billion (Rs 107,662 crore) at $67.3 per share.
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The latest sell-off, however, is not Binny Bansal`s first monetisation of his equity holding in 12-year-old Flipkart.
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Binny will continue to be a large shareholder in Flipkart, which was acquired by Walmart in May 2018.
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Walmart acquired Flipkart in May this year.
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Walmart had acquired 77 percent of Flipkart for $16 billion in May.
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Walmart is considering both internal and external candidates for the position of group CEO.
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On May 9, Walmart Inc said it is buying a 77 percent stake in Indian e-commerce retailer Flipkart for about USD 16 billion, but it is yet to disclose financing plans.
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Sachin had once categorically said in an interview that he will never sell Flipkart.
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In the biggest M&A deal in the booming e-commerce sector, Walmart announced buying 77 percent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore).
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The deal values Flipkart at USD 20.8 billion.
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After working for e-c0mmerce giant Amazon, the two friends set up Flipkart.
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The Confederation of All India Traders (CAIT) said the deal is nothing but a clear attempt to control and dominate the retail trade in India by Walmart through e-commerce in the long run.
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Sachin Bansal and Binny Bansal set up Flipkart in 2007 in Bengaluru.
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Flipkart board member and investor, Subrata Mitra on Tuesday said money raised through the latest round of funding will be utilised to make profits and shave off company's burn on weekly basis, in a quest to ride its business towards right metrics.
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IT giant Microsoft today announced a 'strategic partnership' with Flipkart, wherein as a first step, the online retailer will adopt Microsoft Azure as its exclusive public cloud platform.
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