In April, when Tencent Holdings Ltd plowed $700 million into India’s most valuable Internet start-up Flipkart, it sent out a clear message to the country’s rapidly growing start-up and venture-capital ecosystem: the Chinese Internet behemoth means business.
It was a landmark moment of sorts for Tencent in India when it decided to lead the mammoth $1.4-billion funding round in Flipkart, alongside eBay Inc. and Microsoft Corp.
Over the past two decades, Tencent has dominated the Chinese Internet economy. Well over two-thirds of China currently uses Tencent’s popular messaging apps WeChat and QQ.
In fact, WeChat’s user base nearly rivals that of the global instant messaging phenomenon, WhatsApp: over a billion people in China use WeChat on a daily basis.
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