Binny Bansal: The transaction was completed and finalised on October 26, 2021, and was shared with the government in April.
Chinese technology behemoth Tencent has purchased .72 percent of the Flipkart stake from its founder Binny Bansal through its European subsidiary. Bansal holds 1.84 percent stake in Flipkart after selling stake to Tencent Cloud Europe BV. Flipkart is now headquartered in Singapore but it has operations only in India. Flipkart and Amazon dominate India's e-commerce market.
According to reports, the transaction was completed and finalised on October 26, 2021, and was shared with the government in April. After the transaction, the Chinese-owned company now holds 0.72 per cent stake in Flipkart. The stake is valued at $264 million, which is Rs 2062 crore.
This Bansal could be richer by over Rs 2000 crore.
Flipkart recently raised Rs 26,805.6 crore which increased the company's valuation to $ 37.6 billion. The funding round was led by Singapore's sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the funding round.
The transaction between Bansal and Tencent took place after the funding round that happened in July last year.
Tencent has been in the government's crosshairs for the last two years. The Centre had banned its gaming apps like PUBG Mobile and PUBG Mobile Lite.
Who is Binny Bansal?
Binny Bansal is an IIT alumni. In 2007 he co-founded Flipkart along with Sachin Bansal. He was the company's chief operating officer until 11 January 2016. He was later promoted to chief executive officer. He resigned in 2018 amid allegations of personal misconduct. He hails from Chandigarh and had studied computer science and engineering from IIT Delhi.
Binny had been an Amazon employee before founding Flipkart.
Flipkart was acquired by Walmart in 2018. Binny's 5.5 per cent stake in the company was valued at $1 billion.
With inputs from PTI
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