Naspers aims to spend $1bn in India in 2019, source says
Naspers is the largest shareholder in Tencent and has about $9bn in cash after trimming its stake in 2018 and selling Indian's Flipkart to Walmart
Naspers wants to spend about $1bn in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent, a person familiar with the matter said. Africa’s largest company by market value is in talks to inject about $200m into business loan provider Capital Float and payments security firm Wimbo as a first step, according to two people with knowledge of the discussions, who asked not to be identified as the talks were private. A Naspers representative declined to comment. Naspers is the largest shareholder in gaming and social media giant Tencent and has about $9bn in cash after trimming its stake in 2018 and selling Indian e-commerce startup Flipkart to Walmart. Surging smartphone adoption has led to explosive growth in fintech and e-commerce in India and a host of local startups are vying with US giants Amazon.com, Alphabet’s Google and Facebook for a slice of the action. Some of Naspers’s biggest Indian investments have focused on food ...
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