Categories: Business

Tencent bought stake in Flipkart worth Rs 2,060 crore

Chinese technology conglomerate Tencent has bought stake worth USD 264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal through its European subsidiary, according to official documents. Singapore-headquartered e-commerce firm Flipkart has operations in India only. Bansal holds around 1.84 per cent stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Post the transaction, Tencent arm holds 0.72 per stake in Flipkart which is valued at around USD 264 million, as per last valuation of USD 37.6 billion disclosed by the e-commerce firm in July 2021. The company’s valuation surged to USD 37.6 billion after raising USD 3.6 billion (about ₹26,805.6 crore) in funding round led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart.

Important takeaways for all competitive exams: 

  • Tencent Founded: 11 November 1998;
  • Tencent Headquarters: Shenzhen, Guangdong, China;
  • Tencent Chairman, CEO: Pony Ma;
  • Tencent President: Martin Lau.

Find More Business News Here

Sumit Arora

Recent Posts

Bali Celebrates Hindu Festival of Gratitude

Bali is home to a rich cultural heritage that blends Hindu philosophy, local animist traditions,…

22 mins ago

Which Indian State is Known as the Breadbasket of India?

India's states are known for their unique identities based on culture, geography, or contributions to…

29 mins ago

Zomato to Replace JSW Steel on BSE Sensex from December 23

On November 22, 2024, the Asia Index Private Ltd, a subsidiary of the Bombay Stock…

44 mins ago

India’s Forex Reserves See Sharpest Weekly Fall in Record, Hit 4-Month Low

India's foreign exchange reserves suffered their largest weekly drop on record, falling by $17.76 billion…

1 hour ago

World Bank Launches ‘Jobs at Your Doorstep’ Report in Delhi

The Union Minister for Education, Dharmendra Pradhan, along with Minister of Labour and Employment, Youth…

2 hours ago

Sony Sports Secures Rights for All ACC Tournaments (2024-2031)

On 22nd November evening, Jay Shah, the ICC president-elect and current chief of the BCCI…

2 hours ago