Flipkart’s co-founder, Binny Bansal has reportedly sold some of his holdings in the company. An Economic Times report states that Tiger Global of the USA is the buyer of these shares and the value of stocks sold is $14 million. This would count as the second tranche of shares that Binny Bansal is selling after he quit being the CEO there.
According to a Mint report, Binny has transferred p47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings.
The other founder, Sachin Bansal, had left even as Walmart was making the final moves last year acquiring 77% of the ecommerce firm spending $16 billion. Binny Bansal had liquidated his holdings in Flipkart to the extent of $76 million earlier this year in February. He is said to have entered into an agreement with Walmart for accelerated share-sale when he quit. It is possible he still has a small percentage of his investment left in Flipkart.
Both the Bansals are now trying to focus on helping Indian startups making investments as well as offering their guidance, putting their rich experience into use.
One the companies Binny Bansal has invested in is xto10x Technologies. This is a software startup and he is the Chairman too of the firm. The founder and promoter of x010x is Saikiran Krishnamurthy, an old Flipkart hand and who used to work for McKinsey also earlier than that. 021 Capital is another startup where Binny Bansal has taken a position. He may advise this VC firm on the best targets for making investments. Bansal has also become angel investor in many other startups in India. The notable ones are Acko General Insurance and Niramai. The second named has invented a new method of detecting breast cancer without putting the females through any discomfiture.