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    Home » Google to invest $350M in India’s Flipkart, valuing co at $37B
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    Google to invest $350M in India’s Flipkart, valuing co at $37B

    By Aria JiangMay 27, 2024No Comments2 Mins Read
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    • 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. 

    Also read: Alphabet’s SIP launches Verrus to help data centres save energy

    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.

    Also read: Alphabet is seeking outside investment for GFiber internet business

    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.

    Flipkart Google
    Aria Jiang

    Aria Jiang, an intern reporter at BTW media dedicated in IT infrastructure. She graduated from Ningbo Tech University. Send tips to a.jiang@btw.media

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