SUMMARY
The development came after Bansal registered his new business
It is part of Bansal's advance tax obligation for the first quarter of 2018-19
Binny Bansal is yet to disclose his capital gains from the Flipkart share sale
Flipkart cofounder Sachin Bansal has reportedly paid an advance tax of $100.3 Mn (INR 699 Cr) for the first quarter of 2018-19. The amount includes his capital gains tax from selling his stake sale in homegrown ecommerce company Flipkart.
After Walmart’s acquisition of a 77% stake in Flipkart in 2018, Sachin had exited the company, earning around $1 Bn (INR 6,955 Cr) from his 5.5% stake in Flipkart.
Quoting unnamed sources from the tax department, a media report stated that the other Flipkart cofounder, Binny Bansal, has not disclosed his capital gains from his recent exit as of yet.
This development comes in after the Income Tax (I-T) department issued notices to both the founders and 35 other stakeholders in November 2018, seeking details of their total income from selling their shares.
Earlier in September, after Walmart paid $1.02 Bn (INR 7,349.4 Cr) to the Indian I-T department as withholding tax following the deal, the department had asked the US-based retail company to submit details of the amounts deducted from payments to each shareholder who sold their stake in Flipkart.
Sachin Bansal’s Plans After The Exit
Sachin Bansal and Binny Bansal had founded Flipkart in 2007 as an online bookstore and eventually scaled it to make it the biggest ecommerce company in India.
Following the Walmart takeover in May last year, Sachin had to step down from his position Flipkart. In recent months, there were reports stating that Sachin was looking to begin a new entrepreneurial journey with a focus on artificial intelligence. There was speculation stating that Sachin was also planning to invest $50 – 100 Mn (INR 347 Cr- 695 Cr) in Bengaluru-based electric vehicle maker Ather Energy and $100 (INR 695 Cr) Mn in cab hailing platform Ola.
Last month, Sachin registered his new venture — BAC Acquisitions Pvt Ltd — along with a friend and former investment banker Ankit Agarwal. The duo who have known each other since their IIT Delhi days are now said to be exploring opportunities in fintech and agritech.
Meanwhile, Binny Bansal has launched a tech company named XTo10X Technologies that will be based out in Bengaluru. With a decade’s experience in ecommerce, Binny is focusing on offering technology tools, learning and consulting services to growth-stage startups through his new business.
[The development was reported by ET.]
