Tencent invests $62.eight million in Flipkart amid anti-China sentiment, Know-how Information, ETtech
Chinese gaming and social media large Tencent has pumped $62.eight million into Flipkart’s $1.2 billion investment round, in keeping with regulatory filings made by the Walmart-owned ecommerce firm in Singapore.
The filings, sourced from Paper.vc, confirmed that Tencent owns about 4-.5.3% in Flipkart Pte, the net retailer’s Singapore-based holding firm.
Although the quantity itself is small, the investment is important on condition that Flipkart is probably the most valued Web firm in India. This additionally comes at a time when geopolitical tensions between India and China are at its peak. Since April, the Indian authorities has taken a number of steps to restrict China’s publicity to Indian companies together with revising its Foreign Direct Investment (FDI) regulations in addition to banning Chinese language apps.
In July, Walmart led a $1.2 billion funding in Flipkart’s commerce enterprise, valuing it at $24.9 billion. The retail behemoth already owns round 80% stake within the Bengaluru-based ecommerce agency.
India’s on-line retail battle was redrawn with the entry of Reliance’s JioMart earlier this yr.