Mumbai: In a news that would shake up the business world, Flipkart’s co-founder and chairman Sachin Bansal will sell his entire stake to Walmart amidst reports that the US retail giant has almost finalised the much-anticipated deal with the e-commerce company, as per a financial daily.
As per reports Bansal will sell his entire 5.5% stake in Flipkart to Walmart as he is preparing to exit from it. Its reported that Walmart will be retaining only one of the two founders, the other being Binny Bansal. Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, reported The Kashmir Monitor.
Krishnamurthy, a former executive of investor US hedge fund Tiger Global Management, is heading the core business of Flipkart, while Binny Bansal last year took the broader strategic role of group CEO and Sachin Bansal remained as executive chairman.
A Reuters report today said that Walmart is likely to announce its decision before the end of the week. Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, Reuters quoting sources said. Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about USD 3 billion, one of the sources said. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.