Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Snapchat
OPPO
Anand Mahindra
Mahindra Group
Bharat Biotech
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Chinese giant Tencent pumps money into Flipkart: Details here
Business

Chinese giant Tencent pumps money into Flipkart: Details here

Chinese giant Tencent pumps money into Flipkart: Details here
Written by Shubham Sharma
Sep 17, 2020, 12:05 pm 2 min read
Chinese giant Tencent pumps money into Flipkart: Details here

Chinese tech giant Tencent is pumping money into Flipkart, India's leading online shopping platform. The investment is not big for the e-commerce company, which is valued at over $24 billion, but it comes at a time when incoming capital from the neighboring nation is facing extra scrutiny due to the ongoing border tensions. Here's more about it.

Details
Investment likely a part of larger round

As per filings sourced by paper.vc, Tencent is investing $62.8 million in Flipkart. The companies have not commented on the development, but according to the outlet's report, the funding is probably a part of a larger round led by Walmart, the US-based parent company of the etailer, and other existing backers of Flipkart.

Investment
In July, Walmart announced $1.2 billion investment in Flipkart

Going by reports, the larger round in question is the one that Walmart had announced a few months ago. Back in July, the retail conglomerate had said that it as well as other existing shareholders would invest $1.2 billion in Flipkart in two tranches. The investment had valued the firm at $24.9 billion, with Walmart's ownership rising to a significant 82%.

Tencent's share
Tencent, meanwhile, owns around 5%

As for Tencent, the company reportedly owns a 5% stake in Flipkart through its Singapore-based investment holding company Aceville Pte Ltd. Apart from Flipkart, Tencent has also invested in more than a dozen Indian start-ups and unicorns, including ed-tech player BYJU's, OLA, Doubtnut, Dream11, NiYO, Gaana, Hike, KhataBook, MXPlayer, MyGate, Pocket FM, Practo, Swiggy, and Udaan.

Problem
However, things have deteriorated due to geopolitical tensions

Tencent has had a smooth run in India, but this year has been different as the company has faced major hurdles due to the ongoing Indo-China border stand-off. The Indian government has tightened FDI rules to mandate government approvals on capital coming from China and has also banned more than 150 apps from the company, including Tencent's famous PUBG MOBILE and PUBG MOBILE Lite.

Singapore
Looking to build presence in Singapore

In light of this scrutiny, and the general anti-China sentiment prevailing in India, Tencent is focusing on setting up an office in Singapore. There have also been reports that the company is looking at selling its stake in at least one of its Indian investments - Dream11. Other Chinese companies, including ByteDance and Alibaba, are also moving to Singapore to grow their footprint.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Shubham Sharma
Shubham Sharma
Twitter
Editor with over five years of experience in covering all things science, consumer tech, space tech, AI, infosec, and business. A commerce graduate from University of Lucknow. I have been handling Tech beat at NewsBytes since 2018.
Latest
Flipkart
Alibaba Group
Tencent
Walmart
Gaana
Related
Latest
INDW beat SLW in 2nd T20I, win series: Key stats
INDW beat SLW in 2nd T20I, win series: Key stats Sports
Kolkata: Mentally-ill patient jumps from hospital's eight floor, extremely critical
Kolkata: Mentally-ill patient jumps from hospital's eight floor, extremely critical India
Ghaziabad fashion blogger pushed from balcony by estranged husband, dies
Ghaziabad fashion blogger pushed from balcony by estranged husband, dies Entertainment
Amber Heard v/s Johnny Depp isn't over: Heard challenging verdict
Amber Heard v/s Johnny Depp isn't over: Heard challenging verdict Entertainment
Jonny Bairstow races to 5,000 Test runs: Key stats
Jonny Bairstow races to 5,000 Test runs: Key stats Sports
Flipkart
Realme TechLife Watch R100 launched at Rs. 3,700: Check features
Realme TechLife Watch R100 launched at Rs. 3,700: Check features Technology
POCO F4 5G will launch in India on June 23
POCO F4 5G will launch in India on June 23 Technology
Samsung Galaxy F13's India availability confirmed: Check expected price
Samsung Galaxy F13's India availability confirmed: Check expected price Technology
Which IITs, IIMs have churned out most Indian unicorn founders?
Which IITs, IIMs have churned out most Indian unicorn founders? Career
Nothing phone (1) confirmed to be produced in India
Nothing phone (1) confirmed to be produced in India Technology
More News
Alibaba Group
Paytm Mall's valuation down 99% after Alibaba, Ant Financial's exit
Paytm Mall's valuation down 99% after Alibaba, Ant Financial's exit Business
Alibaba's Jack Ma, 'missing' for months, makes first public appearance
Alibaba's Jack Ma, 'missing' for months, makes first public appearance World
Alibaba founder suspected to be missing after criticizing Chinese government
Alibaba founder suspected to be missing after criticizing Chinese government World
Google removes Paytm from Play Store: Here's why
Google removes Paytm from Play Store: Here's why Business
All you need to know about Akshay Kumar's FAU-G game
All you need to know about Akshay Kumar's FAU-G game Entertainment
More News
Tencent
China bans Tencent Holdings from updating and releasing new apps
China bans Tencent Holdings from updating and releasing new apps Technology
Tencent's facial scans will catch Chinese children gaming at night
Tencent's facial scans will catch Chinese children gaming at night Technology
Reddit raises $250 million in Series E funding
Reddit raises $250 million in Series E funding Business
Indian Government will continue ban on PUBG and TikTok
Indian Government will continue ban on PUBG and TikTok Technology
PUBG Mobile India not granted permission for launch, confirms government
PUBG Mobile India not granted permission for launch, confirms government Technology
More News
Walmart
Rivaling Amazon, Walmart-backed PhonePe to buy two wealth management firms
Rivaling Amazon, Walmart-backed PhonePe to buy two wealth management firms Business
You may pay extra for mobile recharges on PhonePe
You may pay extra for mobile recharges on PhonePe Technology
India's planned foreign investment policy changes could hurt Amazon
India's planned foreign investment policy changes could hurt Amazon Business
Future Group, Reliance ignore ruling to hold $3.4bn deal
Future Group, Reliance ignore ruling to hold $3.4bn deal Business
NewsBytes Briefing: Apple launching iPhone 12 on October-13, and more
NewsBytes Briefing: Apple launching iPhone 12 on October-13, and more Technology
More News
Gaana
'Money Heist' actor Miguel Herrán spotted in 2015 Gaana ad
'Money Heist' actor Miguel Herrán spotted in 2015 Gaana ad Entertainment
Now, Instagram brings TikTok-like 'Reels' to India
Now, Instagram brings TikTok-like 'Reels' to India Technology
Spotify is offering one-year subscription at Rs. 699: Details here
Spotify is offering one-year subscription at Rs. 699: Details here Business
Music streaming wars: Spotify leads despite big growth by rivals
Music streaming wars: Spotify leads despite big growth by rivals Business
TikTok's owner takes on Spotify, tests new music streaming service
TikTok's owner takes on Spotify, tests new music streaming service Technology
More News
Related
Kunal Shah's fintech start-up CRED launches P2P lending platform 'Mint'
Kunal Shah's fintech start-up CRED launches P2P lending platform 'Mint' Business
#FundingAlert: Flipkart raises $3.6 billion in fresh funding
#FundingAlert: Flipkart raises $3.6 billion in fresh funding Business
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022