Tencent has invested US$ 62.8 million in Indian e-commerce giant, Flipkart, according to filings sourced by paper.vc.
“There is the possibility though that Tencent’s investment is the first money in, as part of this larger round involving Walmart and other shareholders,” said Paper.vc.
Paper.vc said that Tencent is a minority investor in the platform whose Singapore-holding company saw Walmart acquiring a majority stake in 2018. It said Tencent shares the cap table with other minority investors, including Tiger Global, Accel, former Flipkart chief executive officer and co-founder Binny Bansal, Microsoft, and Singapore GIC.
“Our calculations based on the available data indicate that Tencent holds stake in the range of 4-5.3 per cent,” said Paper.vc.
The funds will come in handy as Flipkart is gearing up for its upcoming Big Billion Days sale.