The homegrown India’s largest online retailer, Flipkart’s co-founder Sachin Bansal has run into a fortune following the acquisition of Flipkart by Walmart, and is using at least some of that money to buy more property. He has inked deals to buy two residential properties in the upmarket locality of Koramangala in Bengaluru for about Rs 45 cr.
The US retail giant Walmart Inc has picked up a 77% stake in Flipkart for $16 billion, successfully concluding over 20 months of talks, in what will be the country’s largest acquisition and the world’s biggest purchase of an e-commerce company. It will include $2 billion of fresh investment as Walmart is looking to compete with rival Amazon’s global expansion, pegging the value of Flipkart at $22 billion.
Bansal already resides in Koramangala in his own place, in an area often described as the boulevard of billionaires. Infosys co-founders also live in this area. He's paying Rs 44,000 per sqft and Rs 38,000 per sqft, respectively, for them.
Bansal's two new plush properties are of 5,800 sqft and about the investments. He bought his existing property a few years ago when he liquidated some shares in Flipkart during the valuation boom.
Bulge-bracket deals have become far more common in Bengaluru's residential market in the last few years. The mega deals are spurred by industrialists and new-age entrepreneurs. Koramangala and Lavelle Road, in the city centre, have been the preferred choices for the nouveau rich.
Bansal's co-founder in Flipkart, Binny Bansal, had purchased a 10,000-sqft property in Koramangala for Rs 32 cr three years ago. Bengaluru's traditionally wealthy folk are mostly located in the heart of the city, in areas like Fairfield Layout off Race Course Road and Sadhashivanagar.