Jenina Ibañez · · 1 min readTencent unit snaps up $264m in stake in India’s Flipkart
A Tencent unit paid US$264 million in October 2021 for a stake in Indian ecommerce player Flipkart, the Economic Times reported, citing official documents.
Through its Tencent Cloud Europe BV subsidiary, the Chinese tech conglomerate bought a 0.72% stake from Flipkart co-founder Binny Bansal, who now has only 1.84% stake remaining.
Singapore-incorporated Flipkart’s valuation reached US$37.6 billion after it raised US$3.6 billion in a July 2021 funding round. Lead investors included GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart.
DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global also participated.
See also: Mapping the Flipkart mafia: India’s foremost startup gardener
Editing by Miguel Cordon and Eileen C. Ang
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