Earlier, Bansal would have received cash from Walmart for over half of his 4-4.5% Flipkart stake worth over $850 million after August 2020.
Over the past few weeks and months, massive changes have taken place at Flipkart, most notably the exit of Flipkart co-founder Binny Bansal. Since Bansal’s exit, Flipkart’s current chief executive Kalyan Krishnamurthy is the undisputed leader at the online retailer, with Myntra and Jabong now reporting into him. In a… Read more »
The company has so far raised over $100 million from investors including Accel Partners, Sands Capital and Tiger Global.
While Myntra has been growing fast, Jabong has struggled to expand sales this year.
Until now, Myntra, while being a wholly owned unit of Flipkart, has operated completely independently.
Bansal said he would continue to hold his substantial stake in Flipkart and remain a member of its board.
In May, Walmart agreed to buy a 77% stake in online retailer Flipkart for $16 billion.
At least half a dozen new mobility startups in India—including Rapido, Ather Energy, Bounce and Vogo—are in funding talks to raise large amounts of capital.
Alibaba-backed BigBasket may end up raising about $300-400 million as part of the latest funding talks.
Apart from Ather Energy, Bansal is also reportedly close to investing about $100 million in cab-hailing firm Ola.