Flipkart Co-founder Binny Bansal has sold his stake worth $264 million (more than Rs 2,000 crore) in the e-commerce platform to Chinese Internet giant Tencent.
Tencent bought Binny Bansal’s stake, via its European subsidiary called Tencent Cloud Europe BV, in October last year, and now holds 0.72 percent stake in Walmart-owned Flipkart, according to media reports.
Binny Bansal now holds nearly 1.84 percent stake in Flipkart.
Sachin Bansal and Binny Bansal, who received their B.Tech degree in computer science & engineering from IIT-D in 2005, built one of the largest e-commerce marketplaces in India.
Sachin Bansal led Flipkart as its CEO from its inception in 2007 till 2015, and took over as the Executive Chairman in 2016. He is currently leading and mentoring the startup and internet ecosystem in India and is an angel investor in several technology startups.
Binny Bansal served as the Chief Operating Officer of Flipkart till January 2016 before being promoted as its Chief Executive Officer. He exited Flipkart in November 2018, and became a prolific angel investor.
India’s online retail market is forecast to grow at a CAGR of 19.8 percent to reach $85.5 billion by 2025, according to a report by Forrester.
Flipkart raised $3.6 billion (about Rs 27,000 crore) in VC funding led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart in July 2021.