Flipkart former group CEO and Chairman Binny Bansal has offloaded about 0.33% stake in Flipkart amounting to $76.4 million. This is the second time Bansal is selling his stake since abrupt ouster from the e-commerce marketplace in November 2018.
After selling a small portion of his stakes during Flipkart buyout, Binny Bansal had around 3.85% stake in the firm that has now been reduced to 3.52%. He had sold 1,122,433 shares for about $159 million during the $16 billion acquisition deal by Walmart.
According to the filing with the registrar of companies, he has transferred 539,912 equity shares to FIT Holdings SARL, a Luxembourg entity owned and operated by Walmart, said an ET report via paper.vc.
While Flipkart’s other co-founder Sachin Bansal was allowed to sell his entire stake for about $800 million to $1billion during the exit, Binny Bansal’s contract with Flipkart had authorised him to sell about half of stake by August 2020.
The story of both Bansals will inspire Indian startups, entrepreneurs and those who have an iota of aspiration from this ecosystem. Though Binny Bansal had to quit from his group CEO and chairman roles at Flipkart following allegations of sexual assault, lack of due diligence, and evidence of lapses in judgement, he never stopped his 2.0 journey.
The best thing happened was his acquittal from the case. Binny Bansal had also withdrawn police case against the accuser and started to focus on the next gig.
He teamed up with former Flipkart executive and Mckinsey consultant Saikiran Krishnamurthy to launch xto10x to help growth stage startups.
Since his departure from Flipkart, Binny Bansal has backed some notable startups – Acko, SporDraft, SigTuple, and Increff. Among them, Amazon-backed Acko was his biggest bet where he put in $25 million in an individual capacity in $65 million Series C round.
Meanwhile, he is also shifting his base to Singapore – one of the most flexible countries in terms of tax structure, infrastructure, and policy for startups.