Alphabet’s Google will choose up a minority stake value $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce agency at $37 billion, a supply with direct information of the matter advised Reuters.
Google and Flipkart weren’t instantly accessible to verify the worth of the funding.
The tech big will take part as an investor within the newest funding spherical for the Bengaluru-based firm, Flipkart stated in a press release.
The spherical shall be led by Walmart, Flipkart’s largest shareholder and can make Google a minority investor, topic to approvals.
“Google’s proposed funding and its Cloud collaboration will assist Flipkart broaden its enterprise and advance the modernization of its digital infrastructure to serve clients throughout the nation,” Flipkart stated in a press release.
In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 mln within the firm as a part of a $1 billion spherical.
Flipkart has been a supply of IPO hypothesis since Walmart took over the corporate, which competes with Amazon.com in India.
Earlier this month, executives on the U.S. retail big stated they’re “trying and exploring” for the proper time for Flipkart’s preliminary public providing.
© Thomson Reuters 2024
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