Flipkart co-founder Binny Bansal has transferred shares worth an estimated $76 million he held in the e-commerce firm to Walmart, according to business signals platform Paper.vc. This is the fourth such transaction by Bansal following the US-based retailer’s acquisition of a controlling stake in Flipkart.
Bansal sold about 539,912 shares in Flipkart Private to FIT Holdings SARL, Walmart’s Luxembourg-based entity that primarily controls its India businesses, documents sourced from the research firm showed.
Bansal’s shareholding in Flipkart after this transaction could not be immediately ascertained. The deal took place on November 27, as per the documents. In June, the co-founder transferred a similar amount of equity shares to the Luxembourg entity for about $76.4 million, reducing his stake to about 3.52 per cent . In May last year, Walmart announced purchase of a 77 per cent stake in Flipkart in a $16-billion deal.