Google will acquire a minority stake in Walmart-backed Flipkart.
The value of the mentioned deal between the technology giant based in Mountain View, California, and an Indian company operating in the e-commerce area is $350 million. The media published the relevant information with reference to insiders who are aware of the details of this business agreement. Moreover, there is data that Google has valued the e-commerce company at $37 billion. It is worth noting that this information also belongs to the insider category.
As an investor, Google will join the latest financing round for Flipkart, based in Bengaluru. The relevant information is contained in the official statement of the e-commerce company.
The mentioned funding round will be led by Walmart, which is Flipkart’s biggest shareholder. Google will become a minority investor, subject to approval.
In a statement, Flipkart noted that the technology giant’s proposed investments and interaction with the cloud service will provide the company with the opportunity to expand its business and accelerate the process of upgrading digital infrastructure to serve customers across India.
Last December, a spokesperson for the mentioned firm confirmed that Walmart intends to invest $600 million in this e-commerce brand as part of a $1 billion funding round.
Flipkart has been at the center of speculative fabrications about an IPO since Walmart took over a company competing with Amazon in India. This month, the US shareholder of the e-commerce brand announced the exploration of the most qualitative approaches to the listing.
As we have reported earlier, Google Opens Digital Wallet to Indian Consumers.
