Alphabet owned Google has announced its plans to acquire a minority stake in Flipkart, the Indian e-commerce giant backed by Walmart.
A source familiar with the matter told Reuters that the investment is set at $350 million, effectively valuing Flipkart at a substantial $37 billion.
Flipkart, headquartered in Bengaluru, issued a statement disclosing Google's participation as an investor in its latest funding round.
"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.
In December 2023, a spokesperson from Flipkart confirmed that Walmart is poised to inject $600 million into the company as part of a broader $1 billion funding round. Since Walmart's acquisition of Flipkart, speculation about Flipkart's potential initial public offering (IPO) has been rife.
Executives at the US retail giant recently hinted at ongoing deliberations regarding the optimal timing for Flipkart's IPO.
The discussions reflect Walmart's strategic interest in capitalising on the e-commerce landscape in India. The said, they are "looking and exploring" for the right time for Flipkart's initial public offering.
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