Home Business Tencent buys stake value $264 million in Flipkart from Binny Bansal

Tencent buys stake value $264 million in Flipkart from Binny Bansal


NEW DELHI: Chinese language know-how conglomerate Tencent has purchased stake value $264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal by its European subsidiary, in accordance with official paperwork.
Singapore-headquartered e-commerce agency Flipkart has operations in India solely.
Bansal holds round 1.84 per cent stake in Flipkart after promoting a part of his stake to Tencent Cloud Europe BV.
The transaction was accomplished on October 26, 2021 and was shared with the federal government authorities initially of the present monetary 12 months.
Publish the transaction, Tencent arm holds 0.72 per stake in Flipkart which is valued at round USD 264 million, as per final valuation of USD 37.6 billion disclosed by the e-commerce agency in July 2021.
The corporate’s valuation surged to USD 37.6 billion after elevating USD 3.6 billion (about Rs 26,805.6 crore) in funding spherical led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Imaginative and prescient Fund 2 and Walmart.
DisruptAD, Qatar Funding Authority, Khazanah Nasional Berhad in addition to marquee traders Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger World additionally participated within the funding spherical.
The transaction between Bansal and Tencent befell after the July funding spherical.
Sources stated the transaction befell in Singapore however Flipkart knowledgeable Indian authorities about it as a accountable entity and that the transaction doesn’t fall below purview of ‘Press Word 3’ which requires scrutiny of funding that any Indian firm will get from international locations sharing land border with India.
Whereas there are a number of firms working in India wherein Tencent has made funding, the federal government has banned some gaming apps together with PUBG Cellular, PUBG Cellular Lite which had been revealed by Tencent Group. E-mail question despatched to Flipkart and Bansal didn’t elicit any reply.





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