CURRENT AFFAIRS

Detailed explanation-1: -Chinese technology conglomerate Tencent has bought stake worth USD 264 million (about Rs 2,060 crore) in Flipkart from its co-founder Binny Bansal through its European subsidiary, according to official documents. Singapore-headquartered e-commerce firm Flipkart has operations in India only.

Detailed explanation-2: -Tencent, a Chinese technology conglomerate, has bought a stake worth USD 264 million (approx. Rs2,060 crore) in Flipkart. Tencent has bought this stake from Flipkart’s co-founder Binny Bansal via its European subsidiary. Flipkart is a Singapore-headquartered e-commerce company having operations in India only.

Detailed explanation-3: -Binny Bansal and his business partner Sachin Bansal initially thought of starting a comparison search engine, but realized that the market for E-commerce in India was very small. Hence, after leaving Amazon in 2007, they founded Flipkart as an e-commerce company.

Detailed explanation-4: -Sachin Bansal (born August 5, 1981) is an Indian entrepreneur. He is best known as the founder of Flipkart During his over 11 year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal.

Detailed explanation-5: -Flipkart is funded by 30 investors. Tencent and SoftBank Vision Fund are the most recent investors. Flipkart has made 34 investments. Their most recent investment was on Sep 19, 2022 , when Flipkart Marketplace raised $30M .