Walmart Leads New Funding Round for Flipkart, with Google Joining as Minority Investor
Alphabet’s Google is set to acquire a minority stake in Flipkart, the Indian e-commerce giant backed by Walmart, in a deal worth $350 million, according to a source with direct knowledge of the matter. This investment values Flipkart at $37 billion. Neither Google nor Flipkart were immediately available to confirm the exact value of the investment.
In a statement, Flipkart announced that Google will participate as an investor in the latest funding round for the Bengaluru-based company. The new funding round is expected to bolster Flipkart’s market position and support its growth initiatives.
Walmart, which has been a major backer of Flipkart, will lead this funding round, reaffirming its commitment to the Indian market. Google’s involvement as a minority investor underscores its interest in the rapidly expanding e-commerce sector in India.
The collaboration between these industry giants highlights the growing global interest in India’s digital economy, with significant investments being made to capture a share of the booming online retail market.
Alphabet’s Google will pick up a minority 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.
Google 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.
Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with Amazon.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.