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