Bengaluru– Binny Bansal, co-founder of Flipkart, and Accel, one of the early investors in the company, have made a successful exit with high returns.
According to a report by The Economic Times, Bansal and Accel have sold their stakes in Flipkart to Walmart for a total of $1.5 billion. This means that Bansal has made a profit of over 100 times his initial investment in Flipkart.
Bansal and Accel first invested in Flipkart in 2007, when the company was still in its early stages. They were among the first investors to believe in the potential of Flipkart, and their investment has paid off handsomely.
The sale of Flipkart to Walmart is a major milestone for the Indian e-commerce industry. It is the largest acquisition of an Indian technology company by a foreign entity, and it is a sign of the growing maturity of the Indian e-commerce market.
The sale of Flipkart is also a major win for Bansal and Accel. They have made a significant profit on their investment, and they have helped to create one of the most successful e-commerce companies in the world.
“We are very proud of what we have built at Flipkart,” said Bansal. “We have created a company that has changed the way people shop in India, and we are excited to see what the future holds for Flipkart under Walmart’s ownership.”
“We are delighted with the outcome of the Flipkart transaction,” said Jim Breyer, managing partner at Accel. “We have been partners with Flipkart since its early days, and we are proud to have played a role in its success.”
The sale of Flipkart is a major event in the Indian e-commerce industry, and it is a sign of the growing maturity of the market. It is also a major win for Bansal and Accel, who have made a significant profit on their investment.