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Thursday, July 7, 2022

Flipkart Tencent Deal: China’s Tencent buys stake in Flipkart from Binny Bansal, for $264 million

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Flipkart Tencent Deal: Chinese technology company Tencent has bought a stake in this e-commerce platform from Flipkart co-founder Binny Bansal. This deal with the European subsidiary of Tencent has been done for $ 264 million (about Rs 2060 crore). This information has been given in the official documents.

Binny Bansal’s stake reduced to around 1.84 per cent
Flipkart is headquartered in Singapore and its operations are limited to India only. Binny Bansal’s stake in Flipkart has come down to around 1.84 per cent after the deal with Tencent Cloud Europe BV.

Tencent holds 0.72 percent stake in Flipkart
The deal was completed on October 26, 2021 and was informed to government officials at the beginning of the current financial year. Now Tencent’s subsidiary’s stake in Flipkart has increased to 0.72 percent, which is about $ 264 million. As of July 2021, the valuation of this e-commerce company was $37.6 billion.

Flipkart Tencent deal took place in Singapore – Sources
The deal between Bansal and Tencent came after a financing exercise in July. After raising $3.6 billion in that financing round, Flipkart’s valuation had risen to $37.6 billion. Sources say that this deal has happened in Singapore. However, Flipkart has told the Indian authorities that it is a responsible company and the deal does not come under the purview of ‘Press Note 3’.

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