Alphabet’s Google will buy a $350 million minority stake in Walmart-backed Flipkart, valuing the Indian e-commerce firm 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.
Flipkart said in a statement that the tech giant will join the Bengaluru-based company as an investor in its latest funding round.
The round will be led by Flipkart’s largest shareholder Walmart and Google will be made a minority investor, subject to approval.
“Google’s proposed investment and its cloud collaboration will help Flipkart expand its business and advance the modernization of its digital infrastructure to serve customers across the country,” Flipkart said in a statement.
In December 2023, a Flipkart spokesperson confirmed that Walmart is set to invest $600 million in the company as part of a $1 billion funding round.
The Flipkart IPO has been a source of speculation since Walmart acquired the company, which competes with Amazon.com in India.
Earlier this month, executives of the US retail giant said they were looking for the right time for Flipkart’s initial public offering.
© Thomson Reuters 2024
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