Tencent: China’s online giant operating WeChat enters India’s e-commerce domain, through a co-investment of USD 1.4 billion in Flipkart, along with Microsoft and eBay. In 2016, Tencent had invested in Hike, a messaging app in India11 Apr 2017
- Tencent, the Chinese internet giant, has made a foray into India.
- On April 10, Flipkart announced that Tencent, along with Microsoft and eBay, had invested USD 1.4 billion into the Indian online retailer. It marks Tencent’s arrival in India’s e-commerce market.
- Tencent, with a market cap of USD 275 billion, operates WeChat, and has over 800 million users. The Shenzen-based firm, has a strong gaming division with over USD 10 billion in revenues in 2016 and is also into the online payments business.
- In August 2016, Hike founded by Kavin Bharti Mittal, son of Indian telecom billionaire Sunil Mittal raised USD 175 million in a round led by Tencent and Foxconn.
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