Google has invested about $350 million in Walmart Inc.'s Flipkart, valuing the local company at nearly $36 billion, as India's e-commerce market booms amid a booming digital economy.
Flipkart said in a statement that it had added Google as a “minority investor” in the e-commerce platform as part of its latest funding round led by Walmart, though the company did not disclose financial details.
The move, which comes at a time when India's digital economy is growing rapidly, is subject to regulatory and other customary approvals by both sides, the local e-commerce company said in a statement.
“Google's proposed investment and cloud collaboration will help Flipkart accelerate its business expansion and modernize its digital infrastructure to serve customers across the country,” it said.
About Flipkart
Founded in 2007, Flipkart has enabled millions of sellers, merchants and small businesses to be part of India's digital commerce revolution and currently has over 500 million registered users and its marketplace offers over 150 million products across 80+ categories.
The company said that its platform has over 1.4 million sellers, including Shopsy sellers. Earlier this week, the e-commerce platform said that its grocery business registered a 1.6x growth year-on-year. The company has opened 16 grocery fulfilment centres in key locations across the country.
