According to recent reports, US retail giant Walmart is all set to buy a controlling stake in India’s home-grown e-commerce platform, Flipkart, possibly valuing the latter at a whopping $18 billion. Initial reports suggested that apart from Softbank, most other main investors in the company are likely to make a full exit, but an unexpected new report from Factor Daily now seems to suggest that even the company’s co-founder, Binny Bansal, may make an exit once Walmart buys it.
Flipkart was founded back in 2007 by two IIT Delhi alumni, Sachin Bansal and Binny Bansal (not related), and has since grown to become the country’s largest online marketplace ahead of Amazon, Snapdeal and others.
Meanwhile, the latest report is yet to be confirmed officially, but the publication says that it has verified the news from three different, independent sources. The report further states that both Bansals are looking to sell their stake in the company as part of the Walmart acquisition, although, Sachin might retain at least a part of his stake in the company. Sachin and Binny are currently said to hold 5.5% each in Flipkart, and will stand to make upwards of $2.5 billion apiece at the rumored valuation.
It’s worth noting here that while all three sources quoted by the Factor Daily seem to believe that Binny may exit the company, at least two of them say that nothing’s been set in stone just yet. According to one of the sources quoted in the report, “It’s not yet final… but discussions are on, and there are many conjectures. Some of these things are can change at the last moment, but right now it (Binny’s exit) seems more likely”.