Walmart buys 77% Stake in Flipkart with a whopping amount of $16 billion

US based retail giant Walmart buys 77% Stake in Flipkart with a whopping amount of $16 billion. It means now Walmart is the only largest shareholder in Flipkart. Walmart-Flipkart deal is the biggest deal for any startup in India.

According to money control report,Flipkart executive chairman Sachin Bansal sell his existing 5.55 percent stake to Walmart In the expanded equity base, his share would come down to 5.01 percent. The FlipkartCEO and co-founder Binny Bansal has sold a partial stake of 0.5 percent and now holds 4.24 percent of expanded equity in Flipkart.

The Walmart deal will make Sachin Bansal  wealthier by about $1.04 billion (~Rs 7,006 crore), while Binny Bansal, by righteousness of his halfway leave, will bring home $104 million (~Rs 700 crore).

Binny’s 4.24 percent stake in the organization is esteemed at $881 million (~Rs 5,935 crore).

Startup founders congratulate Bansal bros on Twitter

Paytm founder Vijay Shekhar Sharma has tweeted:

Snapdeal co-founder Kunal Bahl also tweeted:

Founder and ex-CEO of FreeCharge Kunal Shah tweeted:

TenTenTen CEO Ramesh Srivats’s also tweeted:

Anyway ,it’s now Amaon vs Walmart in India ( fingers crossed ). Let’s see how it will works.

By Sameer

I'm Sameer Bille, a blogger from Mumbai, India. I started MuchTech as a passion.Here at Much Tech I write about Tech Tips,Tricks and how to guide.

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