Leading horizontal e-commerce company Flipkart has raised money in a $1 billion funding round that began in December 2023, with participation from Google. Google will become a minority investor in the company, which confirmed the investment on Friday.
Although Flipkart did not reveal the amount of Google’s investment, rumour has it that the sum is approximately $350 million.
Flipkart stated in a press release that both parties must approve the investment in accordance with applicable laws and other customs.
“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,” said the note.
As per the media reports, Walmart invested $600 million in December 2023 as part of a $1 billion round. Entrackr was informed by two industry sources that Flipkart’s valuation in this round ranges from $35 to 36 billion.
Walmart reportedly owns about 85% of the business, with a small group of minority investors, including Tencent, following.
Google has previously supported several Indian startups in an effort to expand its Cloud services. In addition to investing in Jio Platforms in 2022, the internet behemoth has also funded companies such as Glance, ShareChat, and Verse Innovation.
Google made investments in the content companies mentioned above primarily in order to grow its cloud business.
Google recently contributed $36 million to spacetech company Pixxel, joining other investors like Blume Ventures, Lightspeed, and Radical Ventures. Google also runs an accelerator program specifically for startups in India. Up to 20 startups participated in the eighth edition of the “Google for Startups Accelerator: India program” last year.
