Flipkart co-founder Binny Bansal who exited the firm last month, is seeking a cash payout of US $ 100 million from Walmart, according to reports.
Bansal had stepped down as Flipkart’s CEO and Chairman on November 13 after an independent probe into an allegation of serious personal misconduct.
As per his contract, Bansal would have received US $ 850 million in cash from Walmart for over half of his 4- 4.5 percent stake in Flipkart after August 2020. However, since he resigned from his designation in November, he is eligible for an immediate payout of about US $ 100 million and the rest would be due by august 2020 and he will likely to also keep the remainder of his stock.
Bansal is planning to use the amount as investment in start-ups.
Reports had emerged last week suggesting that Bansal and former McKinsey consultant Saikiran Krishnamurthy are planning to launch a company together called xto10x Technologies that will offer technology tools, learning and consulting services to growth-stage start-ups which are looking to scale up. The hiring for the same is to start from January next year.
Walmart had received the complaint in July from an unidentified woman, but the company chose to disclose it and the investigation only after it closed the Flipkart deal, which was cleared by India’s antitrust regulator in August. It is unclear why Walmart disclosed the investigation given that “it did not find evidence to corroborate the complainant’s assertions” against Binny Bansal.
Bharat Tex Special Report 2026 
