As per filings sourced by paper.vc, Tencent is investing $62.8 million in Flipkart. Tencent Holdings Ltd, the Chinese tech conglomerate, has invested USD 62.8 million in Indian E-Commerce giant Flipkart through its Singapore based parent company Flipkart Pte. The investment is not big for the e-commerce company, which is … Bengaluru: Amid heightened tensions at the border between China and India, Chinese technology conglomerate Tencent has invested nearly $63 million in Flipkart, according to regulatory filings of the holding company in Singapore. Tencent Holdings Ltd, the Chinese tech conglomerate, has invested USD 62.8 million in Indian E-Commerce giant Flipkart through its Singapore based parent company Flipkart Pte. READ | JMC Projects Bags Orders Worth Rs 1,342 Cr, READ | Japan Exports Fall 15% In August As Pandemic Pummels Trade. According to a February 2020 report by think tank Gateway House, China has investments in 18 of the 30 Unicorn companies in India—Zomato, Flipkart, Biju … India Business News: PhonePe, the payments unit of Flipkart group, has received capital infusion of close to Rs 1,300 crore from its Singapore-based parent entity Flipkart Earlier in July this year, Flipkart raised $1.2 billion in a … A paper by Ananth Krishnan for Brookings India, published just before the lockdown began, estimates that Chinese investments in … Recently, a new … After the violent faceoff on June 15 in the Galwan valley that led to the martyrdom of 20 Indian soldiers including a commanding rank officer, the Indian Government had banned 59 Chinese made apps or apps having any links with China, keeping in mind the data security of Indian citizens and as a means to make India self-reliant. 470 crore) into Flipkart according to regulatory filings made by the Walmart-owned ecommerce company in Singapore. Most of the money was spent in … The investment is most likely part of Walmart-led $1.2 billion infusion in Flipkart announced in July. Other Chinese companies, including ByteDance and Alibaba, are also moving to Singapore to grow their footprint. Washington in the past has put pressure on New Delhi to keep China's Huawei out of the India's 5G deployments. Chinese investments have come under scrutiny recently in the wake of Covid-19 epidemic, which is said to have been originated in China. Reports state that the capital infusion by Tencent is a part of the USD 1.2 billion raised by Walmart-owned Flipkart in July 2020. The decision to boycott Chinese products affected BigBasket in several ways. The first app ban was followed by another 47 apps which were clones of the previously banned apps. : for example, Alibaba’s investment in … From Paytm, Flipkart To Swiggy, Big Indian Startups Are Stuffed With Chinese Money Chinese companies are one of the biggest investors in India’s startup space. It all started in 2015 with Alibaba investing in Paytm and Didi Chuxing backing Ola. 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. This can be easily seen with the help of the large investment made by the Chinese companies in the Indian Start-up ecosystem. T he biggest investment in Flipkart’s 10-year history comes at an opportune moment for e-commerce in India. The lineup of festivals such as Navratri, Durga Puja and Diwali is said to be the prime period of business. READ | Reliance Terms Reports Of 40% Stake Sale In Retail Arm To Amazon As ‘speculative’, READ | Global Recession Won’t Be As Sharp As Previously Feared: OCED. The Chinese tech conglomerate has also made investments recently in India's popular music podcast streaming app Gaana which was done through its European subsidiary Tencent Cloud. Baghel waits for high command's order, After Suvendu Adhikari, Mamata's minister Rajib Banerjee hits out at 'sycophants' in TMC, Watch: Man ties dog to the car & drags down the road; arrested for animal abuse, Flipkart gets additional $62.8 Mn investment from Tencent amid India-China volatility, Reliance Terms Reports Of 40% Stake Sale In Retail Arm To Amazon As ‘speculative’, Global Recession Won’t Be As Sharp As Previously Feared: OCED, JMC Projects Bags Orders Worth Rs 1,342 Cr, Japan Exports Fall 15% In August As Pandemic Pummels Trade. This additional investment by Tencent comes amid the volatile relations between India and China over a series of fierce border conflicts between the armies of the two nations. Walmart, the American retail giant, remains the largest stakeholder in Flipkart with 81.87% controlling stake, while Tencent which increased its stakes from 5% to 5.34%, remains the second-largest stakeholder. Only Genuine Products. Filings were sourced from business intelligence platform Paper.vc that says Tencent owns 4-5. These investments could be small, but Chinese funding the tech sector is at the core of India's economy and is significant due to the essence of tech investments and its penetration across sectors. It is a cross-platform instant messaging services for smartphones. 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. 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. In addition to enforcing the country of origin rule, New Delhi has also banned 177 Chinese mobile applications since June while Chinese goods in ports have faced extra scrutiny and delays. 30 Day Replacement Guarantee. Tencent’s stake in Flipkart is estimated to be between 4%-5.3% currently. Flipkart with the help of the new round of capital is gearing up for its upcoming festive season which is one of the important business periods in the eCommerce space. Going by reports, the larger round in question is the one that Walmart had announced a few months ago. Chinese gaming and social media group Tencent has invested $62.8 million in Flipkart's $1.2 billion round, regulatory filings in Singapore showed. “Chinese funds and companies often route their investments in India through offices located in Singapore, Hong Kong, Mauritius etc. The investment had valued the firm at $24.9 billion, with Walmart's ownership rising to a significant 82%. Tencent seems to have chosen to bypass the Indian government by going via Singapore. When the first incidents were reported, the Indian government took steps to counter and check the growing incidence of China-backed funds and firms investing in Indian startups. Hike Messenger. Chinese tech giant Tencent is pumping money into Flipkart, India's leading online shopping platform. Due to the amendments, any entities from border countries cannot invest in Indian companies via automatic route and will have to pass through the scrutiny of the Indian government. Chinese companies have invested more than $7.4 billion in Texas over the last 15 years, much of it in the Houston area. The funding was a part of Flipkart’s $1.2 billion round. 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. Tencent's other investments in India include bookkeeping platform Khatabook and Pratilipi. Investments are increasing, not just in startups but across the board in sectors. The investment assists BigBasket in competing with the US-based Amazon and India’s Flipkart. “In its filing to … Thereafter, the Indian government banned another 118 apps including the popular gaming app PUBG in September after the recent flare-up on the Southern bank of Pangong Tso lake in Ladakh. India was ranked 40th in the World Economic Forum's Global Competitiveness Report 2017-18; China ranks higher at 27th position. There have also been reports that the company is looking at selling its stake in at least one of its Indian investments - Dream11. Flipkart quiz answers September 18, 2020: Answer and win exciting rewards, Flipkart quiz answers September 17, 2020: Answer and win exciting rewards, Flipkart quiz answers September 16, 2020: Answer and win exciting rewards, Flipkart quiz answers September 15, 2020: Answer and win exciting rewards, Flipkart quiz answers September 12, 2020: Answer and win exciting rewards, Congress to change Chhattisgarh CM as per 'formula'? WeChat, a popular messaging app by Tencent was also among the list of apps banned by the government. Amid Tensions With China, India Warns Amazon, Flipkart Over Country of Origin Rule By Reuters , Wire Service Content Oct. 17, 2020 By Reuters , Wire Service Content Oct. 17, 2020, at 4:54 a.m. Tencent, eBay and Microsoft have made investments aggregating to $1.4 billion in Flipkart, India’s leading online marketplace. Beginning 2016, Chinese companies have poured in $2.37 billion in Indian companies, according to research firm Tracxn. Amazon has often faced regulatory challenges in India. In light of this scrutiny, and the general anti-China sentiment prevailing in India, Tencent is focusing on setting up an office in Singapore. PUBG ended up being banned in India for being owned by China’s Tencent, but that hasn’t stopped the company from investing in a major Indian startup. This was not the case in China. 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