Tencent buys $264 million stake in Flipkart from Binny Bansal

NEW DELHI: China Technology Group Tencent bought shares worth $264 million (about Rs 2,060 crore) in Flipkart from co-founder Binny Bansal through its European subsidiary, according to official documents.
Singapore-headquartered e-commerce company Flipkart operates only in India.
Bansal holds about 1.84% of Flipkart shares after selling part of its shares to Tencent Cloud Europe BV.
The transaction was completed on October 26, 2021 and shared with government agencies at the beginning of the current financial year.
Following the transaction, the Tencent affiliate held 0.72 per share in Flipkart, valued at around $264 million, according to a final valuation of $37.6 billion disclosed by the e-commerce company last month. 7 year 2021.
The company’s valuation rose to $37.6 billion after it raised $3.6 billion (approximately Rs 26,805.6 crore) in a funding round led by Singapore GIC’s sovereign wealth fund, CPP Investments , SoftBank Vision Fund 2 and Walmart lead the way.
DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as Tencent short investors, Willoughby’s capitalThe capital city of Antara, Franklin Templeton and Tiger Global also participated in the funding round.
The transaction between Bansal and Tencent took place after the July funding round.
Sources said the transaction took place in Singapore but Flipkart has informed Indian authorities that it is a responsible entity and that the transaction was not for the purposes of ‘Press Note 3’, which calls for supervision of investments received by any Indian company from countries that share a land border. with India.
While there are several companies operating in India that Tencent has invested in, the government has banned several gaming apps including PUBG Mobile, PUBG Mobile Lite released by Tencent Corporation. The query e-mail was sent to Flipkart and Bansal did not receive any reply.

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