According to a source with direct knowledge of the situation who spoke to Reuters, Alphabet’s Google will acquire a $350 million minority stake in Flipkart, an Indian e-commerce company backed by Walmart, valuing the company at $37 billion.
It took some time for Google and Flipkart to respond when asked about the investment’s worth.
Flipkart said in a statement that the tech behemoth will participate as an investor in the most recent round of funding for the Bengaluru-based business.
The round will be led by Walmart, Flipkart’s biggest shareholder and will make Google a minority investor, subject 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 said in a statement.
In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 mln in the company as part of a $1 billion round.
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.
