Binny Bansal, Accel sell Flipkart stake

NEW DELHI: Flipkart co-founder Binny Bansal and a few of the consumer internet firm's early investors, including Accel, have exited the company by selling their stakes to Walmart. While Walmart in a statement confirmed the acquisition of additional shares of Flipkart from some investors including Tiger Global, the firm did not reveal details of other shareholders. "We value Tiger Global's involvement and support over the years. We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested. We continue to be impressed with Flipkart's progress and remain focused on building a healthy, sustainable and profitable business for the long-term, ensuring Flipkart continues to grow in an emerging and dynamic market," a Walmart spokesperson said.

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