Exclusive: Tencent and Tiger Global still own $1 Bn worth stake each in Flipkart

While Flipkart was acquired by Walmart in 2018 when the American retail giant shelled out a whopping $17 billion for 77% stake, Binny Bansal and early investors including Accel, Tencent and Tiger Global still collectively own stakes worth over $3 billion in the company.

The Indian e-commerce giant has received a fresh cash infusion of $560.45 million from its majority shareholder: Walmart. According to regulatory filings, Flipkart’s Singapore based holding entity Flipkart Private Limited allotted 3,957,960 shares to Walmart’s Luxembourg entity FIT Holdings SARL at an issue price of $141.6 per share. 

As per Fintrackr’s estimate, Flipkart has been valued nearly $23 billion after this funding tranche. Flipkart has announced a total $1.2 billion infusion from Walmart. However, the company is yet to allot shares for the remaining $639.5 million from Walmart. 

After this fresh proceeds from Walmart, the Doug McMillon-led retail conglomerate owns 82.1% of Flipkart. At present, the stakes are worth $18.9 billion. Chinese internet conglomerate Tencent stands out as the second-biggest shareholder in the e-commerce marketplace, holding 5.1% stake worth around $1.15 billion via its subsidiary Aceville.

New York-based fund Tiger Global comes in at a close third, controlling 4.87 % stake in Flipkart via several funds and subsidiaries having an aggregate worth of nearly $1.09 Billion.

Microsoft Global Finance and Qatar Investment authority also retain stakes worth $328.3 million and $323.7 million, respectively, in the Indian e-commerce firm.

Tencent, Microsoft and eBay led $1.4 billion round in Flipkart in mid-2017. Qatar Investment Authority that led a $700 million round with Steadview in 2014, still owns 1.43% equity  in Flipkart. Both eBay and Steadview were provided full exits by Walmart and had transferred out their shares. 

Accel, which had invested $1 million in Flipkart as its first institutional money in 2009 and also participated in follow-on rounds, still owns a 1.32% stake, currently valued at $297.65 million. It’s worth noting that the early-stage VC firm had diluted stakes in Flipkart on multiple occasions in the past and made blockbuster returns.

Flipkart co-founders Sachin Bansal and Binny Bansal had reportedly made $1 billion each. While Sachin had sold his entire stake to Walmart, Binny still owns a 3.25% stake which is valued at $732.3 million. Other investors' stake (0.47%) inclusive of investment bank UBS and Lathe Investments, collectively valued at around $112 million.