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 e-commerce firm Flipkart has operations in India only. Bansal holds around 1.84% stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV. The transaction was completed on Oct. 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% in Flipkart which is valued at around $264 million, as per last valuation of $37.6 billion disclosed by the e-commerce firm in July 2021. The company's valuation surged to $37.6 billion after raising $3.6 billion (about Rs 26,805.6 crore) in funding round led by Singapore's sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart
DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the funding round. The transaction between Bansal and Tencent took place after the July funding round.