Flipkart co-founder and CEO Binny Bansal reportedly paid Rs 32 crore for a plush house in Bangalore’s upscale area, Koramangala.
The Times of India reported that Bansal, who was recently made CEO of the Indian e-commerce giant, funded the purchase by securing home loans from two banks. He is said to have paid the highest stamp duty for any residential property transaction with the local sub-registrar.
The 10,000-sq-ft property, which was acquired a few weeks ago from long-time residents Iqbal family, is not far away from where Flipkart began its operations a few years ago.
The Bansals can now count count Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan among their neighbours. Incidentally, Sachin Bansal, co-founder and Executive Chairman of Flipkart, also owns a small property in Koramangala. He reportedly purchased the house after liquidating his shares in the company a few years ago.
Flipkart was once valued at $15 billion, but its valuation was revised to $10 billion recently. It currently faces stiff competition from US-based e-commerce giant Amazon in the Indian market.