Co-founder Binny Bansal has sold more shares in online retailer Flipkart to US retail giant Walmart, which last year bought a controlling stake in the homegrown firm, said media reports. Bansal has transferred 539,912 shares for $76.4 million. The latest deal has reduced his stake to 3.52%.
Earlier this month, Walmart said that it is planning to deploy cash and cash equivalents worth $1.2 billion for funding the operations of the Bengaluru-based e-commerce platform. Walmart finance chief Richard Mayfield said that the retail giant will look to leverage Flipkart’s payments platform PhonePe in markets like the US and Mexico.
(picture source: Apparel Resources)