Flipkart former group CEO and Chairman Binny Bansal, who has been of late aggressively investing in startups, has sold his shares worth about $14 million to Tiger Global.
This is the third instance, where Bansal has decided to sell his shares since Flipkart take over by US giant retailer in a $16 billion deal in August 2018.
After selling a small portion of his stakes during Flipkart buyout, Bansal had around 3.85% stake, which in June after offloading about 0.33% shares worth $76.4 million reduced to 3.52%.
As per Walmart contract, Bansal has been authorised to sell about half of his stake by August 2020 whereas second co-founder Sachin Bansal was allowed to sell his entire stake during his unceremonious exit.
Flipkart ex-group CEO still has more than 3% stake in the e-commerce marketplace.
After his departure from Flipkart, Bansal started another venture to help growth-stage startups – xto10x Technologies and continue to invest in startups across segments.
In recent months, he backed Acko, SporDraft, SigTuple, House of Masaba and Increff. Bansal led series C round worth $65 million in Amazon-backed Acko with $25 million in his capacity.
In July, Bansal also led final tranche in venture debt fund Alteria Capital maiden fund worth Rs 960 crore.
Meanwhile, he has also reportedly shifted his base to Singapore, which is known for being flexible in terms of tax structure, infrastructure, and policy for startups. The investment policy as well, unlike the Indian FDI policy, is more flexible in Singapore.
In last November, Bansal had resigned from his group CEO and chairman roles at Flipkart following allegations of sexual assault, lack of due diligence, and evidence of lapses in judgement.
However, he had denied all the charges against him. Bansal is still on Flipkart board.
The development was reported by ET via paper.vc.
