Tencent bought a stake in Flipkart for $264 million (approximately 2,060 million rupees) from its co-founder Binny Bansal through its European subsidiary, PTI said, referring to official documents. Flipkart, based in Singapore, operates only in India. After selling part of its stake to Tencent Cloud Europe BV, a subsidiary of a Chinese technology conglomerate, Bansal now holds an almost 1.84 percent stake in the e-commerce business.
On October 26, 2021, the transaction was completed. Details were provided by government agencies at the beginning of the current fiscal year. Tencent now owns 0.72 percent of Flipkart following the transaction. The company’s valuation rose to $3.7 billion after gaining $3.6 billion (approximately 26,805.6 million rupees) in a financial round led by Singapore’s sovereign wealth GIC, CPP Investments, SoftBank Vision Fund 2, and Walmart.
DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and awning investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global also joined the financing round. The transaction between Bansal and Tencent took place after a round of financing in July.