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Google invests $350 million in Flipkart for minority stake

Google invests $350 million in Flipkart for minority stake


MUMBAI: Google has invested around $350 million in e-commerce giant Flipkart as part of a roughly $1 billion funding round led by parent Walmart. While Flipkart did not comment on the details of the fundraising, sources told TOI that the tech giant has infused around $350 million in Flipkart as a minority stake. Google's participation marks the closing of the investment round, taking Flipkart's valuation to over $35 billion, the sources said. Walmart had pumped around $600 million into Flipkart as part of a funding round in December last year. Flipkart's last major funding round was in 2021, when it raised $3.6 billion from investors in a round co-led by Walmart, giving it a valuation of $37.6 billion. The company's valuation is believed to have been adjusted to $33 billion following the separation of fintech firm PhonePe from the group in 2022. Flipkart said the investment was subject to regulatory approvals. “Google's proposed investment and cloud partnership will help Flipkart scale its business and modernize its digital infrastructure to serve customers across the country,” the company said in a statement. Flipkart has partnered with Google Cloud since 2022. Flipkart, which competes with companies like Amazon and SoftBank-backed Meesho to cater to increasingly digital customers, is leveraging Google's cloud stack to expand its technology capabilities and reach more users. The new funding from Google is likely to highlight a deeper collaboration with Flipkart in the cloud infrastructure space, but Google may also consider expanding the partnership to other areas in the future, said Satish Meena, advisor at Datam Intelligence. “The funding shows that the lines between technology and B2C industries are blurring. Technology is becoming the backbone of many industries and big tech companies have huge amounts of money to deploy. They are deploying it not only to build capabilities but also to secure customers by investing in leading companies across sectors,” said Shravan Shetty, MD at Primus Partners. Google rival Microsoft also invested in Flipkart in a $1.4 billion funding round in 2017 along with other investors such as Tencent. Microsoft holds just 1.2% of the company's shares as of September 2023, according to Tracxn data. Google is increasing its investments in India. The Google funding would also help Flipkart as it seeks to enter new areas such as quick commerce currently dominated by Zomato's Blinkit, Swiggy Instamart and Zepto.




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