Binny Bansal sold a part stake in Flipkart in July funding round
Flipkart prime supporter Binny Bansal sold a piece of his shareholding adding up to $200-$250 million when the web-based business significantly last brought assets up in July, individuals mindful of the matter said. Bansal, who helped to establish Flipkart with Sachin Bansal in 2007, offered offers to existing financial backer Tencent Holdings, they added.
In July, the Bengaluru-based internet business major was valued at $37.6 billion after it cleaned up $3.6 billion from any semblance of Canada Pension Plan Investment Board, Singapore's sovereign abundance reserve GIC and Japan's SoftBank Vision Fund II, alongside its biggest investor Walmart. Bansal's fractional stake deal has not been recently detailed.
"Binny executed an optional offer of offers worth more than $200 million to Tencent in the last cycle," an individual mindful of the matter said. An auxiliary deal is between two financial backers and the capital doesn't come into the organization's money vaults.
Bansal didn't react to messages and messages sent by ET. Messages shipped off Flipkart and Tencent Holdings stayed unanswered.
Having cleared out from Flipkart in 2018 for neglecting to unveil an "individual offence", Bansal holds around 2.4% in the organization after the July stake deal. He held a 2.7% stake in Flipkart before the subsidizing round, as per Tracxn. Walmart possesses 72% in Flipkart, while China's Tencent has a 5.3% stake.
Bansal has been a functioning private supporter and was wanting to raise his venture asset to back new companies, post his exit from Flipkart. He had been in dynamic conversations with financial backers to set up his asset, however, those discussions haven't been fructified at this point. He was seeking to raise around $400 million for his lady reserve, as per individuals mindful of the conversations.
Recently, he put resources into trendy Mastercard startup Slice, which raised $220 million at a valuation of more than $1 billion, turning into the most recent unicorn in India. He as of late drove a seed subsidizing round of $6 million in corrective wellbeing stage Mindhouse, dispatched by Zomato's fellow benefactor Pankaj Chaddah alongside Pooja Khanna. Bansal is probably going to utilize the money from the most recent offer deal to back more new companies, sources said.
Bansal, who is to a great extent situated in Singapore currently, has put resources into beginning phase reserve 021 Capital as its primary benefactor, or a restricted accomplice. LPs put resources into reserves.
Other than these speculations, Bansal has just as through 021 Capital, supported ed-tech startup BrightChamps, esteemed at near $500 million, insurtech startup Acko, which also turned into a unicorn as of late, and electric vehicle startup Ather Energy among others. Unicorns are secretly held organizations esteemed at $1 billion more.
In contrast to Binny Bansal, who clutched a piece of his stake, Flipkart's other author — Sachin Bansal — had stripped his whole 5.5% holding in the etailer for about $1 billion out of 2018, when Walmart procured it in a $16 billion arrangement.
For Binny Bansal, his excess 2.4% stake in Flipkart is probably going to prompt further abundance creation when the organization opens up to the world. However courses of events aren't concluded at this point, the etailer is relied upon to open up to the world in a few years.
The July subsidizing in Flipkart was the primary capital imbuement from outside financial backers since Walmart obtained it in 2018. Flipkart likewise saw a leap in its valuation to $37.6 billion, up from $24.9 billion last year when it brought $1.2 billion up in an inner round led by Walmart. Three years prior, the organization was esteemed at $22 billion.
