Henceforth Binny Bansal will have bigger funds in his kitty to invest in indian startups, after the Flipkart co-founder decided to sell off his additional shares in the company to existing investor Tiger Global for nearly $14 Mn. This news was broke by the investment and startup data platform Paper.vc but neither Bansal nor anyone from Flipkart has so far confirmed the news.
The fresh sell off comes closely on the hells of Bansal’s earlier transaction wherein he sold shares worth $76 million. According to reports, Bansal still owns a marginal stake in Flipkart and may pare down the stake in coming months.
Even while serving at Flipkart, Bansal enthusiastically backed several startups and emerged as one of the most active angel investors in India’s startup ecosystem. However, ever since stepping down from the position of Flipkart’s Group CEO, the young internet entrepreneur has been more prolific and visibly eager in investing in startups. For instance, the young billionaire invested in nearly 5-6 startups in short period of January-March 2019 quarter.
Post Flipkart exit, Bansal also started his own startup xto10x Technologies, which is a software and consulting venture. Former Flipkart executive and McKinsey consultant Saikiran K is also an equal partner in this startup.
The news of Bansal ripe with fresh cash will certainly spell some good news for India’s startup ecosystem amid all the talks of economic slowdown. Although the effects of economic slowdown on startup investment are still not openly visible, there are concerns that the slowdown may have trickling effects in the coming months.
Meanwhile, Flipkart’s another co-founder Sachin Bansal is also actively pursuing the role of startup investor post his exit. Both co-founders have dubbed their actions as an act of giving back to the ecosystem that has given them all the fame and glory.