Subsequently, Flipkart's Singapore holding firm made filings indicating the share sale. Binny Bansal 's exit marked the end of the founding entrepreneur's association with one of the most storied Indian consumer internet startups over the past decade. Bansal co-founded Flipkart with fellow IIT-Delhi graduate Sachin Bansal (the two are not related) in 2007 in Bengaluru. Binny Bansal would have pocketed about $650 million, in a secondary share valuation of around $35 billion. Sachin Bansal divested his entire 5% holding in Flipkart to Walmart for about $1 billion in 2018 at the time of its acquisition by the US retail giant. ET had first reported about the one-time payout to Flipkart employees as part of employee stock option plan ( Esop ) buyback in the course of PhonePe's equity financing in November last year. The payout was made to employees on July 14.