Alphabet’s Google will choose up a minority stake value $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce agency at $37 billion, a supply with direct information of the matter informed Reuters.
Google and Flipkart weren’t instantly accessible to substantiate 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 mentioned in an announcement.
The spherical will probably be led by Walmart, Flipkart’s greatest shareholder and can make Google a minority investor, topic to approvals.
“Google’s proposed funding and its Cloud collaboration will assist Flipkart increase its enterprise and advance the modernization of its digital infrastructure to serve prospects throughout the nation,” Flipkart mentioned in an announcement.
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 mentioned they’re “trying and exploring” for the correct time for Flipkart’s preliminary public providing.
© Thomson Reuters 2024
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