Indian e-commerce Flipkart, which is currently focusing on increase in the monthly active transacting customers, which also saw lots of money pouring into its coffer last year, saw a change in its shareholding. However, its valuation fell from $15.2 b in 2015 to $11.6 b in April 2017, when it raised capital in a round led by Tencent, which now holds almost 6% stake in Flipkart.
Tiger Global sees its Shareholding gets Trimmed
Tiger Global Management, a New York-based hedge fund, which was Flipkart’s largest backer, has also seen its shareholding get trimmed from 33.6% to 20.5%. However, the company is the biggest beneficiary from the secondary sales with a gain of $424 million when SoftBank, which earlier approved Flipkart-Snapdeal merger, bought shares.
Flipkart sees its Shareholding get diluted to 5.5%
Flipkart’s CEO, Binny Bansal sold shares worth $30-35 million in the buyback last year, which bought his stake down from 7.6% to 5.2%. However, Sachin Bansal, another co-founder of Flipkart, did not sell any shares during the buyback and but saw his shareholding get diluted to 5.5%.
Flipkart’s board now also includes Tencent Holdings’ chief strategy officer James Gordon Mitchell as of 2017; MakeMyTrip CEO Rajesh Magow also rejoined the board as independent director two years after giving up his board seat.