MC Tech3 | It's the end of an era at Flipkart; Startup funding tanks 77% in India; and more
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In today’s newsletter:
End of an era as Bansal, Accel, Tiger exit Flipkart?
Everyone associated with Flipkart seems to be making a fortune. Earlier, we reported that 19,000 employees were being paid $700 million in an employee stock ownership plan (ESOP) buyback exercise. ?
Tell me more: Binny Bansal, the co-founder of Flipkart, no longer holds shares in the company and has become the latest one to capitalise on the company's growth.
Walmart gains more control: Along with Bansal, Accel and Tiger Global have also fully divested their stakes, giving US-based retailer Walmart more control.
Similarly, Tiger Global, which entered the scene much later, invested about $1.2 billion in Flipkart and received returns of over $3.5 billion, according to the Wall Street Journal.
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1 年Let’s have a look at some of the startups founded by Ex-Flipsters : 1) Navi Technologies ? Navi Technologies builds consumer-centric & technology driven businesses in the BFSI (Banking, Financial Services & Insurance) sector. ? Founder : Sachin Bansal (Co-Founder at Flipkart) ? Valuation : ~?1,636 Crore. 2) xto10x Technologies ? They partner with starups to help them scale higher & function efficiently. ? Founder : Binny Bansal (Co-Founder at Flipkart) ? Valuation : NA 3) PhonePe ? PhonePe is a digital payments & digital wallets company. ? Founder : Sameer Nigam (Sr. VP at Flipkart) ? Valuation : $7 Billion (Approx) 4) Udaan ? Udaan is B2B E-Commerce platform especially meant for MSMEs. Founders : Sujeet Kumar (Head of Operations at Flipkart) & Amod Malviya (CTO, Flipkart) Valuation : $7.5 Billion. 5) Cure.fit Curefit is a wellness & fitness startup offering offline and online Fitness experiences. Founders : Mukesh Bansal (Co-Founder at Myntra) & Ankit Nagori (CBO at Flipkart) Valuation : $800 Million. 6) Suki Suki is an AI-powered, voice-enabled digital assistant for doctors. Founder : Punit Soni (Chief Product Officer at Flipkart) Valuation : >$500 Million.
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1 年Thanks for posting.