Diabytes
Sachin Bansal News
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Sachin Bansal established Navi --that provides financial products and services to customers -- in 2018, only a few months after leaving Flipkart.
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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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Sachin Bansal's early years were marked by his passion for technology and innovation. He pursued a degree in Computer Science Engineering from the Indian Institute of Technology (IIT) Delhi, where he honed his skills and developed a strong foundation in technology and business.
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Navi Technologies was issued the "observation letter" by Sebi on September 5, according to the latest update on the regulator's website.
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The proposed IPO is completely through a fresh issue of equity shares.
There will be no offer-for-sale (OFS), according to the draft red herring prospectus (DRHP).
Flipkart co-founder Bansal is not diluting his stake in the IPO.
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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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Bansal, last year left Flipkart after the US retail giant Walmart picked up 77 percent stake in the e-commerce company for USD 16 billion.
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According to sources, Bansal is pumping in Rs 650 crore in total and the Rs 150 crore funding is part of the total investment.
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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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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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Walmart is likely to announce its deal to buy a controlling stake in Flipkart before the end of this week.
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US-based retail behemoth Walmart, is eyeing a majority or controlling equity stake in it to foray into the multi-billion dollar Indian retail space.
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