Tencent buys stake worth US $264 million in Flipkart from co-founder

13 Jun 2022 , 11:53 AM

Tencent, a Chinese technology conglomerate, has bought a stake worth USD 264 million (approx. Rs2,060 crore) in Flipkart. Tencent has bought this stake from Flipkart’s co-founder Binny Bansal via its European subsidiary.

Flipkart is a Singapore-headquartered e-commerce company having operations in India only.

After selling her stake in Flipkart, Bansal now holds only 1.84% stake in the company.

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

Post completion of this transaction, Tencent’s European arm holds a 0.72% stake in Flipkart, valued at around USD 264 million.

The company’s total valuation has surged to USD 37.6 billion after raising USD 3.6 billion (about Rs 26,805.6 crore) in a funding round led by Singapore’s sovereign wealth fund GIC, Soft Bank Vision Fund 2, CPP Investments, and Walmart.

This transaction took place following the company’s funding round in July.