South African tech and media conglomerate Naspers made $2.2 billion from Flipkart sale – TechCrunch

Fundings and Exits


Naspers, the South African tech and media conglomerate, continues to have an incredibly hot hand when it comes to global tech investment.

Famous for owning a huge chunk of the Chinese Internet powerhouse, Tencent and a big chunk of Mail.ruNaspers just made $2.2 billion off of the sale of Flipkart to Walmart

The South African company had an 11.18% stake in Flipkart and the sale represents an IRR of 32%, the company said.

Naspers originally backed Flipkart five years after the company’s launch in 2007 and had invested roughly $616 million into the company since that time.

Naspers said that proceeds from the sale of Flipkart would be funneled back into the company’s balance sheet to fuel the growth of the company’s own classifieds, online food delivery, and fintech businesses globally.

With Flipkart out of the portfolio, Naspers still holds a huge chunk of online tech real estate in India. The company has stakes in PayU, a payment and fintech company; OLX, a classifieds business; the online travel business MakeMyTrip, and Swiggy, a food delivery company.



Source link

Articles You May Like

Samsung acquires network analytics startup Zhilabs to help its transition to 5G – TechCrunch
Nokia 7.1 review: A solid $350 phone — literally
Twilio launches a new SIM card and narrowband dev kit for IoT developers – TechCrunch
Syncron, a SaaS to help manufacturers move to a service model, raises $67M – TechCrunch
Emma, the money management app, rolls out cryptocurrency support – TechCrunch

Leave a Reply

Your email address will not be published. Required fields are marked *