• About
  • Contact
Monday, January 25, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home Internet

Walmart buys share worth $76.4 million from Binny Bansal’s, increases stake in Flipkart

Pritish raj by Pritish raj
July 24, 2019
in Internet, Retail
2 min read
0
Walmart buys share worth $76.4 million from Binny Bansal’s, increases stake in Flipkart

source:-livemint

Share on FacebookShare on Twitter
  • Walmart acquired Flipkart on 4th May 2018.
  • Binny Bansal sold his 5 lakh shares worth $76.4 million to Walmart.

One of the biggest retailers across the world, Walmart has increased its holding in Flipkart by buying shares from its co-founder Binny Bansal worth $76.4 million. Walmart transferred the acquired shares to its Luxembourg entity- FIT Holdings SARL.

Flipkart:- Next Big brand
Source:- Business Standard

The Deal

According to regulatory filings sourced by business signals platform Paper.vc., total shares acquired by Walmart from Binny Bansal were 5,39,912 while it is only a portion of the latter’s shareholding in Walmart.

It indicates that Binny Bansal has monetized a “small portion of his shareholding for what appears to be a cash consideration of $76.4 million,” paper.vc said based on which Bansal’s holding in Flipkart has gone down from “3.85 percent to 3.52 percent.”

Paper.vc also stated, “Binny Bansal had sold his 11,22,433 shares for around $159 million that reduced his stake in Flipkart from “7,476,271 equity shares (before the deal) to 6,353,838 equity shares after the acquisition, during Walmart’s $16 billion acquisition of Flipkart for around 77 percent controlling stake.

flipkart
Source:- flipkart.com

The journey of Binny Bansal

Binny Bansal resigned from his role as Group CEO at Flipkart in November last year following charges of personal misconduct. He took over the newly created position in January 2017. He was replaced by Kalyan Krishnamurthy as the new CEO. His co-founder Sachin Bansal had become the Executive Chairman in early 206 till May 2018 before exiting Flipkart to launch BACQ to invest in startups.

After exiting as Group CEO from Flipkart, Binny Bansal has launched xto10x Technologies along with former McKinsey executive Saikiran Krishnamurthy in December last year. “We help our clients build secure, cloud-enabled, mobile and IoT ready products and services that are uniquely suited to their needs while reworking and realigning their existing systems and operations to build and accelerate secure and sustainable market growth.” says the website of his new venture xto10x Technologies.

Bansal has so far backed 31 companies including Sigtuple, Niramai, etc. as per data tracker, Crunchbase and is actively investing in more Indian startups.

Walmart had earlier this month in its quarterly filings (ending April 30, 2019) had stated earmarking around $1.2 billion out of its $2.7 billion in cash and cash equivalents as of April 30 this year to “fund the operations of Flipkart.”

With Walmart investing more money in Flipkart and buying stakes from Binny Bansal, it clearly shows the intention to be the king. With more money coming into Flipkart, it will be great to watch how it fares in the market along with the competition they are facing from Amazon.

#walmartflipkart #binnybansal #Flipkartceo

Previous Post

Tata building its own cheaper fashion chain, all set to become Zara of Asia

Next Post

TikTok's parent company ByteDance now has one billion monthly active users

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

future amazon-retail-next-big-brand
News

Delhi High Court Refuses To Restrain Amazon From Writing To Authorities

December 21, 2020
IKEA Navi Mumbai
News

IKEA Navi Mumbai Opens Today With Bookings Full For 2 Weeks

December 18, 2020
Flipkart Aditya Birla Fashion- Next Big Brand
News

Flipkart Is All Set To Acquire 7.8% Stake In Aditya Birla Fashion For ₹1500 Crores

October 23, 2020
Silver Lake Reliance Retail- Next Big Brand
News

Silver Lake In Talks With Reliance Retail To Buy $1 Billion Stake

September 4, 2020
Walmart:- Next Big Brand
News

Walmart Launches Subscription Based Loyalty Program To Counter Amazon

September 2, 2020
Reliance Retail Future Group- Next Big Brand
News

Reliance Retail Buys Retail Biz Of Future Group For ₹ 24,713 crore

August 29, 2020
Next Post
TikTok Creators nextbigbrand.in

TikTok's parent company ByteDance now has one billion monthly active users

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Rajeev Suri Nokia CEO- Next Big Brand

Rajeev Suri Will Step Down As Nokia CEO From September 1

11 months ago
Call Of Duty Mobile Play App

Call of Duty: Mobile Receives Best Game Award on Play Store, Avengers Endgame Wins Best Movie

1 year ago
HDFC Bank Brand- Next Big Brand

HDFC Bank Retains Top Position In BrandZ Top Valuable Indian Brands

1 year ago
bajaj finance- next big brand

Bajaj Finance Beats SBI In Terms Of Market Capitalization

1 year ago

FOLLOW US

  • 22.5k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok
  • Indigo Paints: Colorful journey of a Lesser Known Paint Brand
  • LifeStyle Video App Trell Starts Social Commerce for its User Base

Instagram

Follow Me!

Latest News

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok

Indian Government Extends Ban on Earlier Blocked Chinese Apps including TikTok

January 24, 2021
Indigo Paints: Colorful journey of a Lesser Known Paint Brand

Indigo Paints: Colorful journey of a Lesser Known Paint Brand

January 22, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.