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China's Tencent buys stake worth $264-M in Flipkart from Binny Bansal

Financial Express   YourStory  

Chinese technology giant Tencent has acquired an additional stake worth USD 264 million (INR 2,060 crore) in Walmart-backed Indian e-commerce player Flipkart from its co-founder Binny Bansal. The transaction was routed through Tencent's European entity. Tencent already holds around a 4-5% stake in Flipkart's Singapore-based parent company. Bansal now holds 1.8% in the company. In 2019, Binny Bansal had sold stake worth USD 90 million to Tiger Global across two deals. In the same year, he sold shares worth USD 76 million to Luxembourg entity FIT Holdings SARL, owned and operated by Walmart.