Flipkart co-founder sells part stake to Walmart

Bengaluru: Binny Bansal, the co-founder of India’s leading e-tailer Flipkart, sold around 5.4 million of his equity shares valued at $76 million (Dh279 million) to world’s retail giant Walmart’s Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said on Monday.

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“Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of its erstwhile co-founder Binny Bansal for $76 million through its Luxembourg-based entity FIT Holdings SARL,” said the Chennai-based Paper.vc in an e-mail to IANS.

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