Alphabet’s Google will choose up a minority stake price $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce agency at $37 billion, a supply with direct data of the matter informed Reuters.
Google and Flipkart weren’t instantly obtainable to verify the worth of the funding.
The tech large will take part as an investor within the newest funding spherical for the Bengaluru-based firm, Flipkart stated in a press release.
The spherical will probably be led by Walmart, Flipkart’s largest shareholder and can make Google a minority investor, topic to approvals.
“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 stated in a press release.
In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 mln within the firm as a part of a $1 billion spherical.
Flipkart has been a supply of IPO hypothesis since Walmart took over the corporate, which competes with Amazon.com in India.
Earlier this month, executives on the U.S. retail large stated they’re “looking and exploring” for the proper time for Flipkart’s preliminary public providing.
© Thomson Reuters 2024
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