Tencent picks up stake in Flipkart from Binny Bansal worth $264 mn
The company’s valuation surged to $37.6 billion after raising $3.6 billion (about Rs 26,805.6 crore) in a funding round led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2, and Walmart.
NEW DELHI: Chinese technology conglomerate Tencent has bought stake worth $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 ecommerce firm Flipkart has operations in India only. Bansal holds around 1.84 percent 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.
The company’s valuation surged to $37.6 billion after raising $3.6 billion (about Rs 26,805.6 crore) in a funding round led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2, and Walmart.
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