Flipkart says the deal does not come under the purview of ‘Press Note 3’, which provides for scrutiny of investments received by an Indian company from countries bordering India.
Chinese tech company Tencent has bought a $ 264 million (Rs 2060 crore) stake in the giant e-commerce company Flipkart. Tencent has bought this stake through its European subsidiary from Flipkart co-founder Binny Bansal. This has been revealed from official documents. Let us tell you that Flipkart is headquartered in Singapore and its business is only in India.
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The deal was completed on 26 October 2021 last year and this information was shared with the government authorities at the beginning of the current financial year 2022-23. After selling his stake to Tencent Cloud Europe BV, Bansal now holds 1.84 per cent stake in Flipkart and 0.72 per cent in Tencent, which is valued at Flipkart’s valuation of $37,600 million (Rs 2.94 lakh crore) in July 2021. Accordingly, it is $ 264 million.
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Flipkart said the deal was outside the scope of scrutiny provision
This deal happened after Flipkart raised a fund of $ 360 million (Rs 28.13 thousand crore) in July last year. After raising this fund, the valuation of the company reached $ 37600 million. Tencent also participated in this funding round. According to sources, the deal took place in Singapore, but Flipkart has informed the Indian authorities that it is a responsible company and the deal does not come under the purview of ‘Press Note 3’ under which any Indian company from countries bordering India. There is a provision for scrutiny of investments received. Tencent has investments in some Indian companies, while the government has banned some of Tencent’s gaming apps such as PUBG.
(Input: PTI)
