Google Invests $350 mn in Flipkart, Valuation Hits $36 bn

Horizontal e-commerce giant Flipkart has secured an investment from Google, as part of its ongoing $1 billion funding round initiated in December 2023. Flipkart confirmed the investment on Friday, announcing that Google will join as a minority investor.

Although Flipkart did not specify the exact amount of Google’s investment, sources suggest it amounts to approximately $350 million. The investment is contingent on regulatory and customary approvals from both parties, according to a press note from Flipkart.

“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,” the note stated.

Media reports indicate that this funding round includes a $600 million investment from Walmart in December 2023. Flipkart’s valuation in this round is estimated to be between $35 billion and $36 billion, according to two industry sources cited by Entrackr.

As per startup data intelligence platform TheKredible, Walmart holds around 85% ownership of Flipkart, with a few minority investors, including Tencent.

Google’s investment in Flipkart aligns with its strategy to bolster its Cloud services in India. Previously, Google invested in Jio Platforms in 2022 and has also backed Indian firms such as Glance, ShareChat, and Verse Innovation. These investments have largely been aimed at strengthening Google’s Cloud business presence in the region.

In recent developments, Google participated alongside Radical Ventures, Lightspeed, and Blume Ventures in a $36 million funding round for spacetech firm Pixxel. Additionally, Google runs an accelerator program for Indian startups, with 20 startups joining the eighth iteration of the ‘Google for Startups Accelerator: India program’ last year.

Flipkart’s collaboration with Google is expected to enhance its digital infrastructure and business capabilities, positioning it to better serve its extensive customer base across India.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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