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, according to a source with direct knowledge of the matter, reported by Reuters.
Neither Google nor Flipkart immediately confirmed the investment details.
In a statement, Flipkart announced that Google will join the latest funding round as an investor. This round, led by Walmart, Flipkart’s largest shareholder, will make Google a minority investor pending necessary 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 December 2023, a Flipkart spokesperson confirmed Walmart’s plan to infuse $600 million into the company as part of a $1 billion funding round.
Speculation about Flipkart’s IPO has been rife since Walmart took control of the company, which competes with Amazon.com in India. Earlier this month, executives at the U.S. retail giant indicated they are “looking and exploring” the right time for Flipkart’s initial public offering.
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