Flipkart’s co-founder Binny Bansal, who in November last year resigned from Flipkart on charges of personal misconduct has sold $14 million worth of shares in the company to Tiger Global, according to regulatory filings accessed through data intelligence platform Paper.vc.
This is not the first time that Bansal has sold of his shares since Walmart took over the e-commerce firm, he had already sold his shares twice since then.
ALSO READ: Flipkart partners with Nautica to bring global fashion in Indian markets
He has transferred part of his holding to two Tiger Global funds – 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings.
In June, Bansal liquidated a small portion of his shareholding for a cash consideration of $76.4 million by selling it to FIT Holdings SARL, the reports show. Before this, he had sold a block of shares (1,122,433) for approximately $159 million.
New York hedge fund Tiger Global has been on an investment spree in startups ever since October last year. The fund has been supporting various startups apart from INDwealth, Grofers, UrbanClap, Cred etc.