Tencent buys stake worth USD 264 million in Flipkart

by freeamfva at Jun 19

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Tencent buys stake worth USD 264 million in Flipkart

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.
Bansal holds around 1.84 per cent stake in Flipkart after selling part of his stake to Tencent Cloud Europe BV.To get more latest news on tencent, you can visit shine news official website.

The transaction was completed on October 26, 2021 and was shared with the government authorities at the beginning of the current financial year.

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 Rs 26,805.6 crore) in funding round led by Singapore's sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart.

DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, 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 informed Indian authorities about it as a responsible entity and that the transaction does not fall under purview of 'Press Note 3' which calls for scrutiny of investment that any Indian company gets from countries sharing land border with India.

While there are several companies operating in India in which Tencent has made investment, the government has banned some gaming apps including PUBG Mobile, PUBG Mobile Lite which were published by Tencent Group. E-mail query sent to Flipkart and Bansal did not elicit any reply.
China’s auto part supplier Desay SV inked a strategic cooperation agreement with Tencent Smart Transportation at the tech giant’s online ceremony on June 14th.As a leading player in China’s smart cockpit field, Desay SV is one of the few Tier1 companies with mass production capabilities for cockpit domain controllers. The partnership with Tencent Smart Transportation enables the duo to integrate Tencent’s smart cabin products into Desay SV’s relating business ecosystem and distribute them synchronously. The products include various applications such as Tencent’s popular online karaoke platform “Quanmin K Ge”.

Meanwhile, Tencent Smart Transportation will build a comprehensive support system for sales and marketing services, helping Desay SV through the full pre-sales, sales, and after-sales life cycle.

 

Vice president of Tencent Smart Transportation, Li Bo said that the company now holds standardized service building and delivery capabilities for its intelligent cockpit products, as well as the criteria to be integrated into more platforms. The company plans to utilize the power of the ecosystem to reach more clients and deploy its products onto more platforms.

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