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.
Walmart to Invest in Flipkart Group, India’s Innovative eCommerce Company
Read all about it: https://t.co/m3MUgAyqiZ pic.twitter.com/XFkiXxL7sB
— Flipkart (@Flipkart) May 9, 2018
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).
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Startup founders congratulate Bansal bros on Twitter
Paytm founder Vijay Shekhar Sharma has tweeted:
This is 1 Lakh crore+, all cash deal !
I call it, perfect answer to those who were dismissive of Indian startups in an open-for-all market. What an incredible outcome for every believer of @Flipkart . ???????? https://t.co/uiG9gSTK7v— Vijay Shekhar (@vijayshekhar) May 9, 2018
Sachin and Binny continue to make India proud with their audacious achievements ! Cheers to everyone at Flipkart. ????
Chapter 2 begins. https://t.co/iWkIbbz2Nn— Vijay Shekhar (@vijayshekhar) May 9, 2018
Snapdeal co-founder Kunal Bahl also tweeted:
Congratulations @_sachinbansal @binnybansal! This has been an incredible journey for you guys and one that has inspired many entreprenuers in India! ????????
— Kunal Bahl (@1kunalbahl) May 9, 2018
Founder and ex-CEO of FreeCharge Kunal Shah tweeted:
Today maybe the most important day for Indian tech startup ecosystem.
— Kunal Shah (@kunalb11) May 9, 2018
TenTenTen CEO Ramesh Srivats’s also tweeted:
Now that Walmart is buying Flipkart, what should its new name be?
— Ramesh Srivats (@rameshsrivats) May 9, 2018
Anyway ,it’s now Amaon vs Walmart in India ( fingers crossed ). Let’s see how it will works.