Walmart mentioned in its regulatory submitting on Saturday that Flipkart had obtained the $700 million associated to a brand new spherical of fairness funding for the corporate’s majority-owned PhonePe subsidiary.
Elevate Your Tech Process with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| Indian School of Business | ISB Applied Business Analytics | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Digital Marketing | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
While Walmart had confirmed ET’s news break on early Flipkart buyers, Tiger Global and Accel, fully exiting the agency by promoting their shares to Walmart, it had not disclosed the quantity it paid for the share buy.
Walmart additionally purchased the residual stake of Flipkart cofounder Binny Bansal together with different minority shareholders, ET had reported. The US-based retailer has now elevated its shareholding to 80.5% in Flipkart submit this secondary share sale.
Tiger Global and Accel Partners held about 5% collectively within the Bengaluru-based etailer. Tiger registered a $3.5-billion in income on its Flipkart funding, as per a communication despatched by the New York-based fund to its restricted companions (sponsors in funds) on June 28, ET had reported citing sources. Subsequently, Flipkart’s Singapore holding agency made filings indicating the share sale.
Binny Bansal’s exit marked the tip of the founding entrepreneur’s affiliation with one of the crucial storied Indian shopper web startups over the previous decade.
Discover the tales of your curiosity
Bansal cofounded Flipkart with fellow IIT-Delhi graduate Sachin Bansal (the 2 should not associated) in 2007 in Bengaluru. Binny Bansal would have pocketed about $650 million, in a secondary share valuation of round $35 billion. Sachin Bansal divested his complete 5% holding in Flipkart to Walmart for about $1 billion in 2018 on the time of its acquisition by the US retail big.
ET had first reported in regards to the one-time payout to Flipkart staff as a part of Esop buyback as a part of PhonePe’s fairness financing in November final 12 months. The payout was made to staff on July 14. Amid the continued funding winter, Flipkart’s Esop buyback was the most important such train by an Indian web agency.
Source: economictimes.indiatimes.com