Three months after selling shares worth $76.4 Mn, Flipkart cofounder Binny Bansal has sold additional shares in the company to Tiger Global Management for $14 Mn. This could be a part of the accelerated share sale agreement at the time of the company’s acquisition by Walmart in November last year, according to a report in ET.
As per the terms of his contract with Walmart, Bansal is entitled to sell more than half of his stake by August 2020, two years after Flipkart’s Walmart acquisition.
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Bansal’s inclination towards the startup ecosystem in India and his initiatives to boost it, could be one of the reasons behind selling his shares.