Binny Bansal, who Co-founded Flipkart with Sachin Bansal in 2007, sold shares to existing investor Tencent Holdings. Flipkart Co-founder Binny Bansal sold a piece of his shareholding 0.72% stake in Flipkart to China-based tech conglomerate Tencent through its European subsidiary, PTI declared, quoting official documents. The stake is valued at $264 million (over ₹2,060 crores) per Flipkart’s last valuation of $37.6 billion when the eCommerce central prior increased budgets in July.
“Binny executed a secondary sale of shares worth more than $200 million to Tencent in the last round,” according to sources. A secondary sale is between two investors, and the capital doesn’t come into the company’s coffers.
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Though the other Co-founder, Sachin Bansal exited Flipkart when Walmart purchased a controlling stake (77 percent) in it for a whopping $16 billion on May 9, 2018, Binny stayed on to lead its management team.
The transaction was reportedly ended last year and disclosed to the government in the current financial year.
