In a bid to forestall the queries, Flipkart group CEO Binny Bansal told employees at a town hall that Sachin was “not part of the platform anymore”.
Mobile payments company Paytm aims to double transactions from 1 billion per quarter this year to 2 billion by the end of this year.
The deal is expected to increase the valuation of the startup 4-5 times to $400 million in less than six months after it raised funds from Xiaomi and Shunwei late last year.
Tiger Global Management will continue to hold around 5% stake in the company after Walmart and Google-owner Alphabet pick up the stake, the sources said.
The decision on Sachin’s exit from Flipkart may be decided over the next one week as Flipkart and Walmart decide on the contours of the board.
Apart from possible scrutiny from the CCI, a bid from Amazon also comes with the risk of having to share highly competitive data during due diligence.
Son sees opportunities for Indian portfolio firms such as Oyo to go overseas and become global leaders while bringing its overseas portfolio companies here
Walmart is aiming for at least a 55-60% stake in Flipkart in a deal likely to value the company between $18-20 billion.
“Wal-Mart’s final shareholding is likely to end up more close to 51% than 86%,” according to one of the sources mentioned above, saying that investors are not likely to sell their entire stakes.
The investment will see the Bengaluru-based online food delivery startup’s valuation cross the $1-billion threshold.
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