In February 2014, Azim Premji’s investment company, PremjiInvest had invested $50 million in online fashion platform, Myntra. After a few months later, the company was acquired by Flipkart in May 2014 at a valuation around $300 million.
Now, after the Flipkart-Walmart deal of worth $16 billion, the exits for Myntra’s investors are taking place as Walmart will acquire all the entities of Flipkart. Wth this exit, PremjiInvest is likely to make more than $130 million on its $25 million investment in Myntra in early 2014, according to an ET report.
Among the Indians, Flipkart co-founder Sachin Bansal has also announced his exit from the company and is expected to make $1 billion by selling his entire stake in the company. And Flipkart employees, both past and present ones, are expected to make up to $500 million through their employee stock ownership plans (ESOPs).
PremjiInvest has also picked up stake in many other startups including Snapdeal, Lenskart, PolicyBazaar, iD Fresh Food, and Amagi Media Labs, among others. In June 2017, PremjiInvest invested in a VC fund, Fireside Ventures which was started by former Helion Venture Partners' senior managing director Kanwaljit Singh.