Google will invest $350 million in India’s Flipkart, valuing the company at $37 billion, says a source | WKZO

BENGALURU (Reuters) – Alphabet’s Google will take a $350 million minority stake in Walmart-backed Flipkart, valuing the Indian e-commerce company at $37 billion, a source with direct knowledge of the matter told Reuters.

Google and Flipkart were not immediately available to confirm the value of the investment.

Flipkart said in a statement that the tech giant will join the Bengaluru-based company’s latest round of funding as an investor.

The round will be led by Walmart, Flipkart’s largest shareholder, and Google will become a minority investor, subject to approvals.

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

In December 2023, a Flipkart spokesperson confirmed that Walmart was expected to pump $600 million into the company as part of a $1 billion round.

Flipkart has been a source of IPO speculation since its acquisition by Walmart, which competes with Amazon.com in India.

Earlier this month, executives at the US retail giant said they were “searching and exploring” the right time for a Flipkart IPO.

(Reporting by Haripriya Suresh and Ashwin Manikandan in Bengaluru; Editing by Tasim Zahid)