Alphabet’s Google is set to acquire a minority stake valued at $350 million in Flipkart, an Indian e-commerce firm backed by Walmart, according to a source familiar with the matter.
Neither Google nor Flipkart were immediately available to verify the investment’s exact value.
Flipkart disclosed in a statement that the tech behemoth will participate as an investor in Flipkart’s latest funding round, headquartered in Bengaluru.
The funding round will be spearheaded by Walmart, Flipkart’s primary stakeholder, and will position Google as a minority investor pending necessary approvals.
“Google’s proposed investment and collaboration on Cloud services will aid Flipkart in expanding its operations and advancing the modernization of its digital infrastructure to cater to customers nationwide,” Flipkart stated.
In December 2023, a Flipkart spokesperson confirmed Walmart’s plan to inject $600 million into the company as part of a $1 billion investment round.
Since Walmart’s acquisition of Flipkart, a competitor to Amazon.com in India, speculation about Flipkart’s IPO has been ongoing.
Earlier this month, executives at the U.S. retail giant indicated they are actively considering the appropriate timing for Flipkart’s initial public offering.
