Tencent invests $62.8 mn in Flipkart amid anti-China sentiment
Tencent has pumped $62.8 mn into Flipkart's $1.2 bn investment round, according to regulatory filings made by the Walmart-owned ecommerce company in Singapore.
The filings, sourced from Paper.vc, showed that Tencent owns about 4-.5.3% in Flipkart Pte, the online retailer's Singapore-based holding company.
Though the amount itself is small, the investment is significant given that Flipkart is the most valued Internet company in India. This also comes at a time when geopolitical tensions between India and China are at its peak. Since April, the Indian government has taken multiple steps to limit China's exposure to Indian businesses including revising its Foreign Direct Investment (FDI) regulations as well as banning Chinese apps.