In stunning flip of occasions, Binny Bansal has formally resigned from the board of the e-commerce big. This transfer comes after Mr Bansal’s latest sale of his residual stake within the e-commerce big.
Flipkart is likely one of the greatest e-commerce platforms and web sites which has sellers for all gadgets starting from electronics to clothes accessible at your comfort. Binny Bansal who co-founded Flipkart in 2007 with buddy Sachin Bansal, began it out as a web-based bookstore after he received rejected by Google twice.
Binny and Sachin pooled their funds – Rs 2,71,000 – and based Flipkart which has a valuation of round $37.6 billion or Rs 31253 crore (value adjusted for present greenback worth).
Nevertheless, the enterprise that began as a web-based bookstore quickly flourished and have become a robust competitor of Amazon within the Indian market.
Flipkart additionally grew to become India’s second Unicorn firm in 2012 after it had raised $150 million. Walmart acquired a 77 % stake within the Indian e-commerce main in a landmark deal of USD 16 billion, making it one of many greatest offers associated to an e-commerce agency. Regardless of cashing out and leaving the corporate, Sachin and Binny nonetheless have a web price of billions.
Sixteen years after beginning the e-commerce firm, Binny additionally bought all his Flipkart shares to the US retail big Walmart.
Binny has bought his residual stake in Flipkart to Walmart, which acquired the corporate in 2018.
Based on ET, within the secondary transaction that valued Flipkart at $35 billion, Bansal would have acquired about $650 million or Rs 5402 crores (value adjusted for present greenback worth). When Flipkart raised $3.6 billion two years in the past, Bansal bought a part of his shares for $200-250 million to Chinese language web behemoth Tencent and was left with slightly below 2% in Flipkart in December 2021.
In stunning flip of occasions, Binny has formally resigned from the board of the e-commerce big. This transfer comes after Mr Bansal’s latest sale of his residual stake within the e-commerce big.
In an announcement, he mentioned, “I’m happy with the Flipkart Group’s achievements over the previous 16 years. Flipkart is in a strong place, with a robust management workforce and a transparent path ahead, and with this confidence, I’ve determined to step apart, realizing the corporate is in succesful arms.”
“I want the workforce one of the best as they proceed to remodel experiences for patrons, and I stay a robust supporter of the enterprise,” he added.
Binny Bansal is certainly one of India’s youngest billionaires and his present web price is $1.4 billion (Rs 11,637 crore)
