Bengaluru: Flipkart co founder Binny Bansal has sold additional shares worth about $14 million in the company to investor Tiger Global Management, company filings accessed through data intelligence platform Paper.vc show. The fresh share sale by Bansal comes after he had sold shares worth $76 million in June this year and could be a part of accelerated share sale agreement at the time of his exit in November last year.
The sale also comes as Bansal is putting more money into startup investments after his exit from the group CEO role at Flipkart, where he continues to be a part of the board. Walmart had completed the deal to acquire 77% stake in Flipkart for $16 billion in August last year. When contacted, Bansal declined to comment. He continues to hold over 3% stake in the company. Since his exit, Bansal has taken a much more active role in the country’s startup ecosystem.
He told TOI in February that he plans to focus on supporting entrepreneurs, through investments and the recently launched software and consulting venture xto10xTechnologies. Bansal is taking on the role of chairman in xto10x, which has been started by former Flipkart executive and McKinsey consultant Saikiran Krishnamurthy.
Besides, Bansal has also anchored early stage venture capital firm 021 Capital, which was launched by his wealth manager Sailesh Tulshan. He is also an angel investor in over a dozen startups, including digital insurance player Acko and Niramai, which is developing a non-invasive way to detect breast cancer.
In November, Bansal left Flipkart, which he co-founded with IIT-Delhi graduate Sachin Bansal in 2007, after a failure to disclose allegations of “personal misconduct”. The allegations were “uncorroborated after a thorough investigation completed by an independent law firm” and Bansal had said at that time they left him “stunned”.
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