Tencent quietly building up stakes in Indian startups despite FDI curbs on Chinese money

Tencent quietly building up stakes in Indian startups despite FDI curbs on Chinese money

FILE PHOTO: A Tencent logo is seen in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo

Chinese internet giant Tencent Holdings has been quietly moving ahead with its investments in India despite New Delhi’s restrictions on the inflow of capital from neighbouring countries.

Tencent’s over $250-million investment in Walmart-backed e-commerce behemoth Flipkart is the latest in a string of deals it clocked in India last year, after the Indian government tweaked its FDI policy in April 2020, primarily aimed at preventing Chinese investors to plough money into the country as restrictions were already in place for Bangladesh and Pakistan.

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