Alphabet’s Google will take a $350 million minority stake in Walmart-backed Flipkart, valuing the Indian e-commerce company at $37 billion, a source with direct knowledge of the matter told Reuters.
Google and Flipkart were not immediately available to confirm the value of the investment.
The tech giant will join as an investor in the latest round of funding for the Bengaluru-based company, Flipkart said in a statement.
The round will be led by Walmart, Flipkart’s largest 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 further modernize its digital infrastructure to serve customers across the country,” Flipkart said in a statement.
In December 2023, a Flipkart spokesperson confirmed that Walmart was ready to infuse $600 million into the company as part of a $1 billion round.
Flipkart has been the source of IPO speculation since Walmart acquired the company, which competes with Amazon.com in India.
Earlier this month, executives at the US retail giant said they were “searching and exploring” the right time for Flipkart’s initial public offering.
© Thomson Reuters 2024
(This story was not edited by NDTV staff and was auto-generated from a syndicated feed.)
