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The newly created millionaires under the agreement between Walmart and Flipkart ($ 16 billion) are looking for parking spaces for their new fortune, and wealth managers and young financial services companies are throw in the race.
According to the US Securities and Exchange Commission, it is required to purchase $ 800 million in ESOP installments from past and current employees of Flipkart. Part of this money was distributed to employees of the online trading giant and its Myntra and PhonePe units at the end of last month, which has created a boon for many people. So, who are the main beneficiaries who plan to do with this money?
"Flipkart people are basically spending on three categories," CureFit co-founder Ankit Nagori, a former director of Flipkart, told the daily. "One concerns the purchase of cars, bicycles and similar luxury goods. Second, a group of people invest in mutual funds and other investment vehicles. Third, the highest-paying people will invest in startups and become sponsors in venture capital funds. "
For example, Flipkart co-founder Sachin Bansal, who made $ 1 billion from his stake sale at Walmart, would be in talks to invest in the Ola taxi station builder and start up Ather Energy's electric scooters
the largest in Bengaluru since the historical listing of software giant Infosys Ltd in the late 1990s, has also generated new business opportunities, such as Groww. form of investment, created by former Flipkart employees, launched an investment product called "Better Than FD (Fixed Deposit) for ESOP and Bonus Money" the day Walmart paid money to Flipkart employees According to Lalit Keshre, general manager of the platform and former product manager at Flipkart, more than 250 people have invested in the new product.
Another platform for financial management by and Upwardly heritage, created by the former leader of Myntra, Prateek. Mehta reportedly saw a few hundred Flipkart employees soliciting investment advice over the last month.
"Those who have had significant payments are looking at angel investment or portfolio management," said a Flipkart employee on a daily basis. "IIFL and other wealth management specialists have decided to manage their wealth.The management of Flipkart, Myntra and PhonePe manage their badets.They [employees who received the least] spend to repay their loans or buy their first home . " At least a dozen staff reportedly booked new apartments in Koralangala, HSR and Sarjapur buildings in the heights of Bengaluru.
Of course, not everyone is looking to increase their new wealth – many are turning to luxury, too. Several employees reported daily that they had started planning holidays abroad.
Published by Sushmita Choudhury Agarwal
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