Flipkart co-founder sells part stake to Walmart

Bengaluru: Binny Bansal, the co-founder of India’s leading e-tailer Flipkart, sold around 5.4 million of his equity shares valued at $76 million (Dh279 million) to world’s retail giant Walmart’s Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said on Monday.

“Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of its erstwhile co-founder Binny Bansal for $76 million through its Luxembourg-based entity FIT Holdings SARL,” said the Chennai-based Paper.vc in an e-mail to IANS.