Google is investing $350 million in Walmart-owned Flipkart

New Delhi, May 24 With the exponential growth of the digital economy heating up in the Indian e-commerce space, Google has invested nearly $350 million in Walmart-owned Flipkart, valuing the homegrown company at nearly $36 billion.

In a statement, Flipkart said it has added Google as a “minority investor” in the e-commerce platform in the latest funding round led by Walmart.

However, the company did not disclose financial details.

The move, coming at a time when India’s digital economy is growing at a much faster pace, is subject to regulatory and other customary approvals from both parties, the homegrown e-commerce company said in a statement.

“Google’s proposed investment and cloud collaboration will help Flipkart expand its business and accelerate digital infrastructure modernization to serve customers across the country,” it said.

Founded in 2007, Flipkart has enabled millions of sellers, merchants and small businesses to participate in India’s digital commerce revolution. It currently has a registered user base of over 500 million and the marketplace offers over 150 million products in over 80 categories.

According to the company, there are over 1.4 million sellers on the platform, including Shopsy sellers.

Earlier this week, the e-commerce platform said it had seen 1.6-fold growth (year-on-year) in its food business. The company has launched 16 food logistics centers in key locations in the country.

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