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Flipkart to add Google as investor in its latest funding round

Published 24/05/2024, 17:30
© Reuters.

Indian e-commerce company Flipkart announced Friday that as part of its latest funding round led by Walmart (NYSE:WMT), it will be adding Google (NASDAQ:GOOGL) as a minority investor.

Flipkart said it believes Google's proposed investment and its Cloud collaboration will help the company expand and advance the modernization of its digital infrastructure to serve customers across the country.

According to a report from Reuters, Google's minority stake is worth $350 million, valuing the e-commerce firm at $37 billion.

Walmart is Flipkart's biggest shareholder. In December 2023, a spokesperson for Flipkart said Walmart was set to invest $600 million in the company as part of a $1 billion round.

When it comes to a potential IPO, an article from Moneycontrol in late January stated that Flipkart CEO Kalyan Krishnamurthy told them they have "not had a discussion yet with our board."

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