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Binny Bansal seeks $100 million cash payout from Walmart after leaving Flipkart: report

Binny Bansal seeks $100 million cash payout from Walmart after leaving Flipkart: report

Binny Bansal seeks $100 million cash payout from Walmart after leaving Flipkart: report
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By CNBC-TV18 Dec 19, 2018 8:51:29 AM IST (Updated)

Flipkart co-founder Binny Bansal is in talks with Walmart over cash payouts after he resigned from Flipkart as chairman and group CEO last month, reported Mint.

Flipkart co-founder Binny Bansal is in talks with Walmart over cash payouts after he resigned from Flipkart as chairman and group CEO last month, reported Mint.

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According to his earlier contract, Bansal would have received cash from Walmart for over half of his 4-4.5 percent Flipkart stake that is worth more than $850 million after August 2020, the report said citing two people familiar with the matter.
However, after his abrupt exit, Bansal might receive a smaller payment of about $100 million, the report said.
Bansal and Walmart declined to comment to Mint on the story.
Walmart acquired about 77 percent of Flipkart in May, for nearly $16 billion in what was the US retail giant's largest-ever deal and a move to take on arch rival Amazon in a key growth market.
 
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