Flipkart’s Binny Bansal Sells His Stakes Worth Over Rs 2000 Crore to Chinese Internet Giant Tencent

New Delhi: Flipkart co-founder Binny Bansal has bought his firm’s stakes value $264 million (greater than Rs 2,000 crore) to Chinese language Web big Tencent, reported information company IANS. The event comes at a time when the neighbouring nation has as soon as once more hardened its positions alongside the Indian border.Additionally Learn – Flipkart Finish of Season Sale 2022: Test Date, Presents and Reductions

Tencent purchased Bansal’s stake, through its European subsidiary referred to as Tencent Cloud Europe BV, in October final yr, and now holds 0.72 per stake in Walmart-owned Flipkart, in line with media stories, which had been later confirmed by dependable sources. Bansal now holds almost 1.84 per cent stake in Flipkart. A question despatched to Flipkart went unanswered. Additionally Learn – Fireplace-Boltt Unveils Two New Inexpensive Smartwatches| Test Worth, Options Right here

The information about Bansal promoting Flipkart inventory to Tencent got here at a time when US Secretary of Protection, Lloyd Austin, mentioned on Saturday that China is hardening its positions alongside the Indian border. Addressing the Shangri-La Dialogue in Singapore, Austin mentioned that China is taking aggressive and unlawful approaches to the territories it claims within the South China Sea. “Additional to the West, we see Beijing persevering with to harden the place alongside the borders it shares with India,” he famous. India and China have been engaged in a border dispute for almost two years. Additionally Learn – Nothing’s 1st Smartphone to be Out there on Flipkart in India

About Flipkart and its founders: High 5 factors to know

1. Sachin and Binny Bansal, who acquired their B.Tech diploma in laptop science and engineering from IIT-D in 2005, constructed one of many largest e-commerce marketplaces in India.
2. Sachin led Flipkart as its CEO from its inception in 2007 until 2015, and took over because the Government Chairman in 2016. He’s at the moment main and mentoring the startup and web ecosystem in India and is an angel investor in a number of know-how startups.
3. Binny served because the Chief Working Officer of Flipkart until January 2016 earlier than being promoted as its Chief Government Officer. He exited Flipkart in November 2018, and have become a prolific angel investor.
4. Flipkart, Amazon, Reliance’s JioMart, and Tata-backed BigBasket have fired up India’s on-line retail market that’s forecast to develop at a CAGR of 19.8 per cent to achieve $85.5 billion by 2025, in line with a report by Forrester.
5. Flipkart raised $3.6 billion (about Rs 27,000 crore) in funding led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Imaginative and prescient Fund 2 and Walmart in July 2021. The funding spherical had taken Flipkart’s valuation to $37.6 billion.

(Based mostly on IANS inputs)