Tencent increases stake in Flipkart with fresh infusion

Tencent has invested $62.8 million in Flipkart via the Indian e-commerce giant’s Singapore-based totally parent entity Flipkart Pte, regulatory filings show. The fresh infusion is probably a part of Flipkart’s $1.2 billion round that become led with the aid of Walmart in July this year.

Walmart had already infused $660.25 million throughout two tranches in July. In the same month, Qatar Investment Authority had also invested $8.14 million, regulatory filings show. With the ultra-modern investment tranche, Flipkart has raised a total of $731.20 million in 2020.

Assuming that the present day investment is a part of the round, the last tranche of $469 million is but to be raised. As in keeping with Fintrackr’s estimation, the Doug McMillon-led retail conglomerate owns 81.87% of Flipkart well worth $18.9 billion and the e-trade marketplace has been valued at around $23 billion after the clean allotment.

Tencent stays the second one-biggest shareholder inside the e-trade market, growing its stake from 5% to 5.34% and worth $1.21 billion post the latest investment made through its subsidiary Aceville.