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

Europe

Alphabet’s Google will decide on up a minority stake really worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce organization at $37 billion, a supply with immediate awareness of the subject instructed Reuters.

Google and Flipkart had been not straight away out there to validate the benefit of the investment decision.

The tech huge will sign up for in as an trader in the newest funding spherical for the Bengaluru-dependent corporation, Flipkart mentioned in a assertion.

The spherical will be led by Walmart, Flipkart’s most important shareholder and will make Google a minority trader, subject matter to approvals.

“Google’s proposed investment decision and its Cloud collaboration will assist Flipkart increase its business enterprise and progress the modernization of its electronic infrastructure to provide consumers throughout the place,” Flipkart mentioned in a assertion.

In December 2023, a Flipkart spokesperson verified that Walmart was established to infuse $600 mln in the corporation as portion of a $one billion spherical.

Flipkart has been a supply of IPO speculation considering that Walmart took more than the corporation, which competes with Amazon.com in India.

Before this thirty day period, executives at the U.S. retail huge mentioned they are “seeking and checking out” for the suitable time for Flipkart’s preliminary community providing.

&#xA9 Thomson Reuters 2024
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(This tale has not been edited by NDTV personnel and is automobile-created from a syndicated feed.)

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