Bengaluru: Flipkart cofounder Binny Bansal sold a part of his shareholding amounting to $200-$250 million when the ecommerce major last raised funds in July, people aware of the matter said. Bansal, who cofounded Flipkart with Sachin Bansal in 2007, sold shares to existing investor Tencent Holdings, they added.

In July, the Bengaluru-based ecommerce major was valued at $37.6 billion after
it mopped up $3.6 billion from the likes of Canada Pension Plan Investment Board, Singapore’s sovereign wealth fund GIC and Japan’s SoftBank Vision Fund II, along with its largest shareholder Walmart. Bansal’s partial stake sale has not been previously reported.

“Binny executed a secondary sale of shares worth more than $200 million to Tencent in the last round,” a person aware of the matter said. A secondary sale is between two investors and the capital doesn’t come into the company’s coffers.

Bansal did not respond to emails and messages sent by ET. Emails sent to Flipkart and Tencent Holdings remained unanswered.

Having made an
abrupt exit from Flipkart in 2018 for failing to disclose a “personal misconduct”, Bansal still holds around 2.4% in the company after the July stake sale. He held a 2.7% stake in Flipkart before the funding round, according to Tracxn. Walmart owns 72% in Flipkart, while China’s Tencent has 5.3% stake.

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Bansal has been an active angel investor and was planning to raise his own investment fund to back startups, post his exit from Flipkart. He had been in active discussions with investors to set up his own fund, but those talks haven’t fructified yet. He was looking to raise around $400 million for his maiden fund, according to people aware of the discussions.

Earlier this week, he invested in new-age credit card startup Slice, which
raised $220 million at a valuation of over $1 billion, becoming the latest unicorn in India. He recently led
a seed funding round of $6 million in curative wellness platform Mindhouse, launched by Zomato’s cofounder Pankaj Chaddah along with Pooja Khanna. Bansal is likely to use the cash from the latest share sale to back more startups, sources said.

Bansal, who is largely based in Singapore now, has invested in early-stage fund 021 Capital as its main backer, or a limited partner. LPs invest in funds.

Besides these investments, Bansal has personally as well as through 021 Capital, backed edtech startup BrightChamps,
valued at close to $500 million, insurtech startup Acko, which too
became a unicorn recently, and electric vehicle startup Ather Energy among others. Unicorns are privately held companies valued at $1 billion more.

Unlike Binny Bansal, who held on to a part of his stake, Flipkart’s other founder — Sachin Bansal — had divested his entire 5.5% holding in the etailer for about $1 billion in 2018, when Walmart acquired it
in a $16 billion deal.

For Binny Bansal, his remaining 2.4% stake in Flipkart is likely to lead to further wealth creation when the company goes public. Though timelines aren’t finalised yet, the etailer is expected to go public in a couple of years.

The July funding in Flipkart was the first capital infusion from external investors since Walmart acquired it in 2018. Flipkart also saw a jump in its valuation to $37.6 billion, up from $24.9 billion last year when it raised $1.2 billion in an internal round led by Walmart. Three years ago, the company was valued at $22 billion.

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