September 2019 \ News \ RETAIL—FLIPKART
Tiger Fund increases equity stake in Flipkart

The US-based hedge fund, Tiger Fund ...

                                                                                   Mr Binny Bansal

On June 24, Mr Binny Bansal monetised 54 lakh equity shares for $76.4 million (Rs 531 crore) via a sale to FIT Holdings SARL, Walmart’s Luxembourg entity. Though the other co-founder, Sachin Bansal, exited Flipkart when Walmart acquired it, Binny Bansal stayed on to lead its management team.

Mr Binny Bansal, however, resigned on November 13, 2018 after an investigation by Walmart into allegations of personal misconduct (sexual harassment) on his part. Prior to June, Mr Bansal sold 11,22,433 of his shares to unspecified investors for $159 million (Rs 114 crore). Our estimates may vary from the authoritative numbers maintained by Walmart/Flipkart,” added the statement.




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