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 sold his company’s stakes worth $264 million (more than Rs 2,000 crore) to Chinese Internet giant Tencent, reported news agency IANS. The development comes at a time when the neighbouring country has once again hardened its positions along the Indian border.Also Read – Flipkart End of Season Sale 2022: Check Date, Offers and Discounts
Tencent bought Bansal’s stake, via its European subsidiary called Tencent Cloud Europe BV, in October last year, and now holds 0.72 per stake in Walmart-owned Flipkart, according to media reports, which were later confirmed by reliable sources. Bansal now holds nearly 1.84 per cent stake in Flipkart. A query sent to Flipkart went unanswered. Also Read – Fire-Boltt Unveils Two New Affordable Smartwatches| Check Price, Features Here
The news about Bansal selling Flipkart stock to Tencent came at a time when US Secretary of Defense, Lloyd Austin, said on Saturday that China is hardening its positions along the Indian border. Addressing the Shangri-La Dialogue in Singapore, Austin said that China is taking aggressive and illegal approaches to the territories it claims in the South China Sea. “Further to the West, we see Beijing continuing to harden the position along the borders it shares with India,” he noted. India and China have been engaged in a border dispute for nearly two years. Also Read – Nothing’s 1st Smartphone to be Available on Flipkart in India
About Flipkart and its founders: Top 5 points to know
- Sachin and Binny Bansal, who received their B.Tech degree in computer science and engineering from IIT-D in 2005, built one of the largest e-commerce marketplaces in India.
- Sachin led Flipkart as its CEO from its inception in 2007 till 2015, and took over as the Executive Chairman in 2016. He is currently leading and mentoring the startup and internet ecosystem in India and is an angel investor in several technology startups.
- Binny served as the Chief Operating Officer of Flipkart till January 2016 before being promoted as its Chief Executive Officer. He exited Flipkart in November 2018, and became a prolific angel investor.
- Flipkart, Amazon, Reliance’s JioMart, and Tata-backed BigBasket have fired up India’s online retail market that is forecast to grow at a CAGR of 19.8 per cent to reach $85.5 billion by 2025, according to a report by Forrester.
- Flipkart raised $3.6 billion (about Rs 27,000 crore) in funding led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart in July 2021. The funding round had taken Flipkart’s valuation to $37.6 billion.
(Based on IANS inputs)