Google to invest $350 million in India’s Flipkart, valuing co at $37 billion, source says

BENGALURU : Alphabet’s Google will win a minority stake value $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce company at $37 billion, a supply with verbalize files of the matter told Reuters.

Google and Flipkart weren’t straight away on hand to verify the value of the funding.

The tech massive will doubtless be half of in as an investor within the most fresh funding spherical for the Bengaluru-based company, Flipkart mentioned in an announcement.

The spherical will doubtless be led by Walmart, Flipkart’s biggest shareholder and will fabricate Google a minority investor, field to approvals.

“Google’s proposed funding and its Cloud collaboration will merit Flipkart fabricate better its industry and attain the modernization of its digital infrastructure to help customers across the nation,” Flipkart mentioned in an announcement.

In December 2023, a Flipkart spokesperson confirmed that Walmart became once dwelling to infuse $600 mln within the company as segment of a $1 billion spherical.

Flipkart has been a supply of IPO hypothesis since Walmart took over the company, which competes with Amazon.com in India.

Earlier this month, executives at the U.S. retail massive mentioned they are “looking out and exploring” for the mighty time for Flipkart’s preliminary public offering.