Chinese tech titan Tencent has purchased $246 million worth of shares in Flipkart from the Indian e-commerce giant’s co-founder Binny Bansal, Economic Times has reported, citing official documents. After the deal, Tencent will hold a 0.72% stake in Flipkart per the $37.6 billion market cap that the company disclosed in July 2021 when it announced $3.6 billion in funding from investors including Singapore’s sovereign wealth fund GIC, SoftBank Vision Fund 2, and Walmart. Tencent’s transaction was completed in October 2021 in Singapore, where Flipkart is incorporated, but the firm informed Indian authorities at the beginning of the current financial year. In 2020, India banned a range of apps developed by Chinese companies such as Tencent, Alibaba, and ByteDance after a border clash between the two countries. [Economic Times]