- Alphabet’s Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion.
- Google and Flipkart were not immediately available to confirm the value of the investment.
- The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company, Flipkart said in a statement.
Alphabet‘s Google will acquire a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, as per a source familiar with the matter. Google and Flipkart have not confirmed the investment amount. The investment will be part of Flipkart’s latest funding round led by Walmart. Flipkart stated that Google’s investment and cloud collaboration will aid its expansion and digital infrastructure modernization to serve customers nationwide. Previously, in December 2023, Walmart had announced a $600 million infusion as part of a $1 billion round for Flipkart.
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Cloud collaboration
The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company, Flipkart said in a statement.
The round will be led by Walmart, Flipkart’s biggest shareholder, and will make Google a minority investor, subject to approvals.
“Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” Flipkart said in a statement.
In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 million in the company as part of a $1 billion round.
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Flipkart’s initial public offering
Since Walmart’s acquisition of Flipkart, there has been speculation about the possibility of Flipkart going public. The company, which competes with Amazon.com in India, has been the subject of IPO discussions. Executives at the U.S. retail giant recently stated that they are actively considering the timing for Flipkart’s initial public offering.
