BusinessLatestNews

Tencent Buys $264 Million Worth of Stake in Flipkart From the Co-Founder of the Company

0
Tencent Buys $264 Million Worth of Stake in Flipkart From the Co-Founder of the Company
Tencent Buys $264 Million Worth of Stake in Flipkart From the Co-Founder of the Company

Tencent Buys $264 Million Worth of Stake in Flipkart From the Co-Founder of the Company- The company behind PUBG and many other famous games ‘Tencent’ has recently bought a Flipkart stake with 2060 Crore INR or $264 Million. The company bought the stakes from the co-founder of the company, Binny Bansal through its’s European subsidiary.

Tencent Buys $264 Million Worth of Stake in Flipkart From the Co-Founder of the Company

The Chinese game developing company ‘Tencent’ has bought $264 Million worth of sales from the co-founder of the Walmart-owned company Flipkart. The transaction of this exchange was done back in 2021 on October 26. After selling the 2,060 Crore INR worth stake of Flipkart, the co-founder Binny Bansal now have a 1.84% Stake in Flipkart. Tencent is now having a 0.72% stake in Flipkart which is $264 million as per the last valuation of the company in 2021 by e-commerce which was $37.6 Billion. This is surely an unexpected thing by Tencent.

According to the sources the transaction took place in Singapore however Flipkart was mentioned to the Indian authorities as a responsible entity. Also, this transaction does not come under the ‘Press note 3’ that asks for scrutiny of investment that any company from India gets from any country that shares a land border with India.  There are many companies in which Tencent has made investments but some certain Tencent published apps have been banned by the government such as PUBG Mobile and PUBG Mobile Lite. According to a PTI report, both the company Flipkart and the co-founder Binny Bansal have yet to reply to the email queries sent to them.

Let us see how will the Indian Government react to this unexpected exchange. We can expect a ban looking at the relationship between India and China. However, it is highly unlikely for the government to ban Flipkart as its s one of the most famous online shopping websites in India. Nevertheless, make sure to stay tuned with us for more future updates on the topic.

Read More: PEL Summer 2022 kicks off on June 16: Check out all the details of the upcoming tournament

Pratyush Das

BGMI: Top 5 Drop Locations for Rank-Push In Erangel After 2.0 Update

Previous article

Valorant on Xbox Game pass Will have Unlocked Agents: What About Rewarded Items on Subscription End

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Business