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Tencent buys ₹2060 crore stake in Flipkart

June 13, 2022

Tencent buys ₹2060 crore stake in Flipkart
Tencent has bought a stake worth $264 million (₹2,060 crore) in Walmart-owned Flipkart from prime supporter Binny Bansal, through its European subsidiary, as per a news thing previously let the cat out of the news agency PTI.

Binny Bansal holds around 1.84% stake in Flipkart in the wake of offering part of his stake to Tencent Cloud Europe BV. The transaction was completed on October 26, 2021 and was shared with government authorities toward the beginning of the financial year, the news report stated.

Post the transaction, Tencent’s arm holds 0.72% stake in Flipkart, which is valued at around $264 million, according to the last valuation of $37.6 billion disclosed by the e-commerce firm in July 2021.

Flipkart had raised $3.6 billion at that time in a funding round led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart.

A large number of investors like DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in that round.

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