Alphabet’s Google will select up a minority stake utility $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce company at $37 billion, a supply with direct wisdom of the subject instructed Reuters.
Google and Flipkart weren’t right away to be had to substantiate the worth of the funding.
The tech vast will fasten in as an investor within the original investment spherical for the Bengaluru-based corporate, Flipkart mentioned in a commentary.
The spherical can be led via Walmart, Flipkart’s greatest shareholder and can put together Google a minority investor, matter to approvals.
“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 mentioned in a commentary.
In December 2023, a Flipkart spokesperson showed that Walmart was once eager to infuse $600 mln within the corporate 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 Bharat.
Previous this time, executives on the U.S. retail vast mentioned they’re “looking and exploring” for the correct moment for Flipkart’s preliminary community providing.
© Thomson Reuters 2024
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