Flipkart To Raise Funds From Google
Google will be coming onboard as a minority investor, subject to receipt of regulatory and other customary approvals by both parties.
Flipkart will raise funds from Google LLC as part of its latest funding round, led by majority owner Walmart Inc.
Google will be coming onboard as a minority investor, subject to the receipt of regulatory and other customary approvals by both parties, according to a statement.
Google will put in about $350 million as part of the $1-billion funding round, at a valuation of roughly $36 billion, according to reports. Walmart has already invested $600 million as part of the round.
"Google’s proposed investment and its cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country," it said.
The funding from Google, as part of a larger round by Walmart, comes at a time when the e-commerce giant is looking to foray into quick-commerce, taking a punt at grabbing market share from incumbents Zepto, Swiggy Instamart and Zomato's Blinkit.
The funding round could also be Flipkart's last before the US retail giant commences the listing process for the Bengaluru-based company.
The IPO remains "our long-term ambition, and it will come at the right time", a spokesperson had told NDTV Profit earlier.
