Binny Bansal sells stake worth $264 mn in Flipkart to China's Tencent

13 Jun '22

1 min read

Pic: Burdun Iliya/Shutterstock

China’s Tencent had bought a stake worth $264 million (about ₹2,060 crore) in Walmart-owned Indian e-commerce firm Flipkart from its co-founder Binny Bansal through its European subsidiary Tencent Cloud Europe BV. Though the transaction was completed in October last year, it was shared with government authorities at the beginning of this fiscal.

Bansal now holds about 1.84 per cent in Flipkart after selling part of his stake and the Tencent arm holds 0.72 per stake, valued at around $264 million, a news agency reported. Flipkart is registered in Singapore and has operations in India only.

Walmart led a $1.2-billion round in Flipkart in July 2020, valuing the e-commerce firm at $24.9 billion. In September the same year, Tencent invested $62.8 million in Flipkart, according to a report by business intelligence platform Paper.vc.

Tencent has invested over $2 billion in Indian start-ups since 2016. Last year it also invested over $200 million in the Indian social media platform ShareChat.

Fibre2Fashion News Desk (DS)

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