Google Said to Invest $350 Million in Flipkart, Valuing Firm at $37 Billion

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Said to Invest $350 Million in Flipkart, Valuing Firm at $37 Billion

Alphabet’s

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will pick up a ********* stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told Reuters.

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and Flipkart were not immediately available to confirm the value of the investment.

The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company, Flipkart said in a statement.

The round will be led by Walmart, Flipkart’s biggest shareholder and will make

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a ********* investor, subject to approvals.

“

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’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 Flipkart spokesperson confirmed that Walmart was set to infuse $600 mln in the company as part of a $1 billion round.

Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with

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.com in India.

Earlier this month, executives at the U.S. retail giant said they are “looking and exploring” for the right time for Flipkart’s initial public offering.

© Thomson Reuters 2024
 

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