Binny Bansal sells Flipkart shares worth $14M to Tiger Global

The sale additionally comes as Bansal is putting extra cash into startup investments after his exit from the crew CEO function at Flipkart, the place he continues to be a part of the board.
Flipkart co-founder Binny Bansal has offered additional shares well worth about $14 million in the organization to investor Tiger Global Management, agency filings accessed thru data talent platform Paper.vc show. The sparkling share sale by means of Bansal comes after he had sold shares worth $76 million in June this yr and could be a section of accelerated share sale agreement at the time of his exit in November remaining year.
The sale also comes as Bansal is putting extra cash into startup investments after his exit from the group CEO function at Flipkart, the place he continues to be a phase of the board. Walmart had executed the deal to accumulate 77% stake in Flipkart for $16 billion in August ultimate year. When contacted, Bansal declined to comment. He continues to keep over 3% stake in the company. Since his exit, Bansal has taken a much greater lively position in the country’s startup ecosystem.
He advised TOI in February that he plans to center of attention on assisting entrepreneurs, through investments and the currently launched software and consulting assignment xto10x Technologies. Bansal is taking on the function of chairman in xto10x, which has been started out with the aid of former Flipkart executive and McKinsey consultant Saikiran Krishnamurthy.
Besides, Bansal has also anchored early stage undertaking capital firm 021 Capital, which used to be launched by means of his wealth manager Sailesh Tulshan. He is also an angel investor in over a dozen startups, such as digital insurance player Acko and Niramai, which is creating a non-invasive way to become aware of breast cancer.
In November, Bansal left Flipkart, which he co-founded with IIT-Delhi graduate Sachin Bansal in 2007, after a failure to expose allegations of “personal misconduct”. The allegations had been “uncorroborated after a thorough investigation accomplished via an impartial law firm” and Bansal had stated at that time they left him “stunned”.