Flipkart shareholders Tencent and Tiger Global still own $1 bn worth stake each
By MYBRANDBOOK
The Indian e-commerce giant has received a fresh cash infusion of $560.45 million from its majority shareholder; Walmart. According to regulatory filings, Flipkart’s Singapore based holding entity Flipkart Private Limited allotted 3,957,960 shares to Walmart’s Luxembourg entity FIT Holdings SARL at an issue price of $141.6 per share.
Flipkart has announced a total $1.2 billion infusion from Walmart. However, the company is yet to allot shares for the remaining $639.5 million from Walmart.
Tencent, Microsoft and eBay led a $1.4 billion round in Flipkart in mid-2017. Qatar Investment Authority that led a $700 million round with Steadview in 2014, still owns 1.43% equity in Flipkart. Both eBay and Steadview were provided full exits by Walmart and had transferred out their shares.
Accel, which had invested $1 million in Flipkart as its first institutional money in 2009 and also participated in follow-on rounds, still owns a 1.32% stake, currently valued at $297.65 million. It’s worth noting that the early-stage VC firm had diluted stakes in Flipkart on multiple occasions in the past and made blockbuster returns.
Flipkart co-founders Sachin Bansal and Binny Bansal had reportedly made $1 billion each. While Sachin had sold his entire stake to Walmart, Binny still owns a 3.25% stake which is valued at $732.3 million. Other investors’ stake (0.47%) inclusive of investment bank UBS and Lathe Investments, collectively valued at around $112 million.
While Flipkart was acquired by Walmart in 2018 when the American retail giant shelled out a whopping $17 billion for 77% stake, Binny Bansal and early investors including Accel, Tencent and Tiger Global still collectively own stakes worth over $3 billion in the company
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