Binny Bansal Sells Flipkart Stake To Tencent
Recently the big news has come on the internet that Binny Bansal sells a Flipkart stake to Tencent because China hardens its border position and this news is circulating on social media platforms. This news became a topic of discussion. According to the report, in New Delhi, Flipkart Co-founder Binny Bansal sold his stake worth $264 million (More than Rs2000 crore) in the homegrown e-commerce platforms to Chinese internet giant Tencent, at the time when the neighboring state one more time hardened its positions along the Indian border. This news is getting viral on the web and this news is getting huge attention from the people. Many people are very curious to know about the news. Here we have more information about the news and we will share it with you in this article, so let’s continue the article. Follow More Update On GetIndiaNews.com
As we all know that Binny Bansal is an Indian billionaire Internet entrepreneur in 2007 he co-founded the e-commerce platform Flipkart which is Sachin Bansal served as the chief operating officer until 11 January 2016 and was promoted to chief executive officer. This news about Bansal selling Flipkart stock to Tencent has come at the time when US Secretary of Defense, Lloyd Austin, said that China is hardening its positions along the Indian border on Saturday. You are on the right page for getting the right information about the news, so please read the complete article.
Addressing the Shangri-La Dialogue in Singapore, Austin said that China is taking aggressive and illegal approaches to the territories it declares in the South China Sea. As per the media report, Tencent purchased Bansal’s stake, via its European subsidiary named Tencent Cloud Europe BV in October 2021, and now holds 0.72 per skate in Walmart-owned Flipkart and the later confirmed by reliable sources. This time Bansal holds a close to 1.84% stake in Flipkart.
India and China were busy in a border dispute for almost two years. India has banned many Chinese apps and internet platforms in the aftermath of the tense border standoff in eastern Ladakh in May 2022. Army Chief General Manoj said last month that China appears to lack the intention to search for a resolution to the border dispute at the Line of Actual Control, stressing that Indian troops continue to hold main positions along the LAC. Flipkart increased by $3.6 billion in funding led by Singapore’s sovereign wealth fund GIC, CPP Investments in July 2021. The funding round took Flipkart’s valuation to $37.6 billion. Stay tuned for more updates.