Tencent Buys Stake Worth $264M in Flipkart, PTI Reports

Chinese technology company Tencent Holdings Ltd. bought a 0.72% stake worth $264 million in Walmart Inc.-owned retailer Flipkart from its co-founder Binny Bansal through its European subsidiary last year, PTI reported Sunday, citing official documents.

The transaction was finalized in October and government authorities were notified at the beginning of this financial year.

The value of the stake was based on Flipkart’s last valuation of $37.6 billion disclosed in July 2021, PTI reports.

Flipkart and Bansal did not respond to an email query from PTI for comment.

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Deana Kjuka in Prague ...