Table of Contents
The news of Walmart’s acquisition of Flipkart is finally exposed. And, with the US-based retailing giant acquiring 77 percent shares in the Indian e-commerce website for a whopping $20.8 billion sum, the deal is seen as the greatest acquisition till date.
Though the deal has made several Flipkart investors earn huge, two individuals who have received phenomenal payouts are Sachin Bansal and Binny Bansal. They founded Flipkart together in 2007.
How rich will the two become?
Sachin Bansal is likely to have pocketed between $800 -$850 million ((Rs5,381-Rs5,717 crore, after getting a tax cut) from the acquisition. The deal has seen him exiting the company and now, Binny Bansal is the new CEO.
And according to e-commerce analysts, Binny has sold a partial stake of 0.5 percent and now holds 4.24 percent stake in Flipkart which values around $881 million.
Sachin, who filled in as Flipkart’s CEO for 9 years, held a 5.5% stake in the Bengaluru-based company before Walmart bought a 77% stake in it for $16 billion on May 09th, 2018.
The Walmart deal has made Sachin wealthier by about $1.04 billion (Rs 7,006 crore), out of which he has got 20% tax to pay), while Binny, staying at Flipkart, will take home $104 million (Rs 700 crore).
What would they be able to do with the money?
To put to view, their individual take-home from the deal is more than the GDP of 16 countries, as per World Bank 2016 data.
In November 2015, Forbes evaluated Sachin Bansal’s total assets at $1.3 billion. And in April 2016, Time magazine named the Bansal duo amongst the 100 most influential people in the world.
Throughout the years, the two have invested some of their wealth in newer Indian startups, such as smart electric-scooter maker Ather Energy, robotics company GreyOrange, and Team Indus, which was building a spacecraft to compete for Google’s XPrize lunar award.
Posting an emotional goodbye message on Facebook, Sachin Bansal said that, “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart”.
Amidst all the speculations, Flipkart has finally sealed the world’s largest e-commerce deal with Walmart, solidifying India’s place in the global e-tailing league.
Table of Contents