While Flipkart founders and employees address their ESOP options to benefit from the $16 Bn Flipkart-Walmart deal, the deal has also produced yet another silent winner that is basking in the glory of the right investment – Azim Premji’s PremjiInvest.
An ET report quoted two people who had the brief on the matter stating that PremjiInvest will make more than $130 Mn on its $25 Mn (INR 155 Cr) investment in Myntra in the early 2014.
“(PremjiInvest) had given Myntra a term-sheet at the end of 2013 and invested in it by 2014. They were one of the only players willing to take the risk at that time,” shared an investor who was a part of the discussions at the time.
Post this investment, Flipkart acquired Myntra in a stock transaction. At that time, Flipkart was valued at about $1.6 Bn and by 2015, Flipkart’s valuation increased to $15.2 Bn.
As per the report, PremjiInvest manages at least $3 Bn of assets predominantly in public markets, making it by far the largest family office in the country. Furthermore, the firm has a runway to increase the assets under its management to $6 Bn.
PremjiInvest declined to comment to ET.