Alphabet’s Google is set to acquire a minority stake in Walmart-backed Flipkart, valued at $350 million, which brings the Indian e-commerce giant’s valuation to $37 billion, according to a source familiar with the deal. Both Google and Flipkart have yet to officially confirm the investment amount.
Google will participate as an investor in Flipkart’s latest funding round, as confirmed by a statement from the Bengaluru-based company. This round will be led by Walmart, Flipkart’s largest shareholder, with Google’s investment pending necessary approvals.
“Google’s planned investment and its Cloud collaboration will aid Flipkart in expanding its business and advancing the modernization of its digital infrastructure, benefiting customers nationwide,” Flipkart stated.
In December 2023, a Flipkart spokesperson revealed that Walmart would inject $600 million into the company as part of a $1 billion funding round. Since Walmart’s acquisition of Flipkart, the Indian e-commerce firm, which competes with Amazon.com in India, has been the subject of numerous IPO speculations.
