Chinese language expertise conglomerate Tencent has purchased stake price USD 264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal via its European subsidiary, in keeping 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 at the start of the present monetary yr.

Put up 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 International additionally participated within the funding spherical.

The transaction between Bansal and Tencent happened after the July funding spherical.

Sources mentioned the transaction happened 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 through which 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.

Leave a Reply

Your email address will not be published.

You May Also Like

JSPL inventory hits 52-week excessive in unstable market; this is why

Shares of Jindal Metal and Energy Ltd (JSPL) hit a recent 52-week…

‘Tomorrow shall be higher’: Shanghai strikes nearer to COVID re-opening

The Chinese language metropolis of Shanghai inched additional in direction of a…

Rupee recovers from document low; closes at 77.51 aganst US greenback

The rupee on Wednesday recovered from its document low to shut 20…

GAIL India to pump in Rs 6,000 cr on renewables in subsequent 3 yrs

State-owned Gail India will make investments Rs 6,000 crore within the subsequent…