Naspers, the South African tech and media conglomerate, continues to have an extremely sizzling hand in relation to world tech funding.
The South African firm had an 11.18% stake in Flipkart and the sale represents an IRR of 32%, the corporate mentioned.
Naspers initially backed Flipkart 5 years after the corporate’s launch in 2007 and had invested roughly $616 million into the corporate since that point.
Naspers mentioned that proceeds from the sale of Flipkart could be funneled again into the corporate’s stability sheet to gasoline the expansion of the corporate’s personal classifieds, on-line meals supply, and fintech companies globally.
With Flipkart out of the portfolio, Naspers nonetheless holds an enormous chunk of on-line tech actual property in India. The corporate has stakes in PayU, a cost and fintech firm; OLX, a classifieds enterprise; the net journey enterprise MakeMyTrip, and Swiggy, a meals supply firm.