Tiger Global has initiated yet another round of increasing stake in one of its marquee investments globally — India’s largest ecommerce platform Flipkart. According to reports from Paprer.vc, which tracks such changes in companies, Flipkart co-founder Binny Bansal has sold $14 million worth of shares in this fresh share transfer. This is the third time that Bansal has sold a tranche of his shares since Walmart took over the e-commerce firm.
The report further details, that Binny Bansal has transferred part of his holding to two Tiger Global funds – 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings.
“Our lower end estimate of the consideration for this sale would be approximately $14.5 million, based on the Walmart acquisition price from 2018,” said Vivek Durai, cofounder of Paper.vc. “If we incorporate a modest increase in Flipkart’s valuation because of the growth of its subsidiary PhonePe, the number could go up to $25 million.”
Sachin Bansal, the other co-founder of Flipkart, had sold his complete stake in the Walmart acquisition, making him a billionaire in the process. He has since opened a family office for investing in startups and other consumer product businesses.