BENGALURU: Flipkart co-founder Binny Bansal, Accel and Tiger Global Management have now exited the e-commerce firm Flipkart and with this, Walmart has expanded its stake in the company.
According to various reports, Walmart paid USD 1.4 billion to Tiger Global to buy its remaining shares in Flipkart.
Now, the ecommerce companyis valued at about USD 35 billion. All three- Tiger Global, Accel and Binny Bansal have sold their remaining shares to Walmart. Accel started investing in Flipkart in 2008 and Tiger Global Management began backing the ecommerce firm from 2010, according to Tracxn data. Recently, Accel was holding 1.1% stake in Flipkart and now it has exited the firm.
In 2018, Walmart paid about USD 16 billion for a 77% stake in the ecommerce firm. With these new developments, Walmart’s stake in Flipkart is likely to hit 80%. With the recent stake sale, Binny Bansal completely exited the ecommerce company that he co-founded in 2007 along with Sachin Bansal, who had sold his entire stake to Walmart in 2018.
Binny Bansal was holding about 1.75% stake in Flipkart in 2022. International media reports said that Tiger Global, which had held a minority stake in Flipkart, exited by making gains of about USD 3.5 billion. When asked about its acquisition of additional shares of Flipkart from investors, a Walmart spokesperson in a statement said, “We value Tiger Global’s involvement and support over the last several years. We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested.”
The spokesperson added, “We continue to be impressed with Flipkart’s progress and remain focused on building a healthy, sustainable and profitable business for the long term, ensuring Flipkart continues to grow in an emerging and dynamic market.”