The US-based hedge fund, Tiger Fund, increased its equity holding in India’s leading retailer Flipkart by buying 54,596 shares of its co-founder Binny Bansal for an estimated $14.5 million (Rs 104 crore), business intelligence platform Paper.vc said in September. “Regulatory filings by Flipkart indicate that Binny sold a tranche of shares for the third time since the global retail giant Walmart’s takeover of the e-commerce company in May 2018,” Chennai-based Paper.vc told IANS in a statement.

The $514-billion Walmart acquired majority stake (77 per cent) in the city-based Flipkart on May 9, 2018 for a whopping $16 billion (Rs 107,662 crore) at $67.3 per share. “Bansal sold 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings,” said the statement.
Paper.vc has evaluated the sale based on Walmart’s acquisition price for majority stake in May 2018. “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 (Rs 180 crore),” said Paper.vc.