ON TECH HUB - TENCENT BUYS STACK WORTH $264 IN FLIPKART

TENCENT BUYS STAKE WORTH $264 MILLION IN FLIPKART FROM BINNY BANSAL

Chinese technology conglomerate Tencent has bought stake worth USD 264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal through its European subsidiary, according to official documents.

Singapore-headquartered e-commerce firm Flipkart has operations in India only.

Bansal holds around 1.84 per cent stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV.

The transaction was completed on October 26, 2021 and was shared with the government authorities at the beginning of the current financial year.

Post the transaction, Tencent arm holds 0.72 per stake in Flipkart which is valued at around USD 264 million, as per last valuation of USD 37.6 billion disclosed by the e-commerce firm in July 2021.

The company's valuation surged to USD 37.6 billion after raising USD 3.6 billion (about Rs 26,805.6 crore) in funding round led by Singapore's sovereign wealth fund GIC NSE -1.05 %, CPP Investments, SoftBank Vision Fund 2 and Walmart.