Alphabet’s Google is set to acquire a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source directly familiar with the matter told Reuters.
Delighted to share, @Google has signed an agreement to invest in @Flipkart. The increase in growth capital will accelerate our efforts to drive @_DigitalIndia initiatives & contribute to the growth of #digital commerce in India, supporting MSMEs, economic growth and create new… pic.twitter.com/k0cfMDDQXG
— Rajneesh Kumar (@rajneeeshkumar) May 24, 2024
Neither Google nor Flipkart were immediately available to confirm the investment value.
Flipkart Valued At A Whopping $37 Billion By Google
Google will participate as an investor in the latest funding round for the Bengaluru-based company, according to a statement from Flipkart.
“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.
The round, led by Flipkart’s largest shareholder Walmart, will make Google a minority investor, pending approvals.
Flipkart stated, “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.”
In December 2023, a Flipkart spokesperson confirmed that Walmart would inject $600 million into the company as part of a $1 billion funding round.
Since Walmart’s acquisition of Flipkart, there has been ongoing speculation about the company’s potential IPO, which competes with Amazon.com in India.
Earlier this month, executives from the U.S. retail giant mentioned they are “looking and exploring” the optimal timing for Flipkart’s initial public offering.
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