New Delhi: Tech major Google is investing nearly $350 million in Walmart-owned e-commerce firm Flipkart for a minority share as part of a $1 billion fundraising round launched by Flipkart in 2023, reports said.
Flipkart formally accepted the investment but did not disclose the amount proposed by Google. Additionally, the e-commerce retailer on Friday stated that as part of the most recent funding round led by Walmart, it will add Google as a minority investor, subject to regulatory and other customary approvals by both parties.
Flipkart, further stated that Google's proposed investment and cloud partnership will help the company develop its operations and modernise its digital infrastructure.
Flipkart had raised roughly $600 million from parent company Walmart. As per reports, people familiar with the company's plan stated that this fundraiser will provide Flipkart with enough firepower to compete with Amazon, Reliance JioMart, and Tata Digital. It will also assist the company in reaching the next 200 million users in the country, particularly in tier II and III cities and rural India.
In 2018, Walmart won a bidding war with Amazon to acquire a majority stake in Flipkart for US$15 billion. On 9 May 2018, Walmart officially announced its intent to acquire a 77% controlling stake in Flipkart for US$16 billion. Following the purchase, Flipkart co-founder Sachin Bansal left the company. The service competes primarily with Amazon India and domestic rival Snapdeal.
ALSO READ: Agar next tea and oil for Assam if developed systematically: Chief Secretary
FIRST Business Portal addressing the potential of business capability of North East Region.
