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Google Invests $350 Million in Flipkart, Raises Valuation to $36 Billion
Google has invested $350 million in Flipkart as part of the Indian e-commerce giant's ongoing $1 billion funding round, valuing the company at $36 billion. This investment follows a $600 million infusion from Flipkart's parent company, Walmart, in December.
The deal awaits regulatory approvals. Flipkart plans to use the funds to enhance its quick commerce segment and invest in verticals like travel (Cleartrip) and its B2C platform, Shopsy. This comes as rival Meesho prepares a significant funding round.
Google, already a cloud service provider for Flipkart, joins this round as Flipkart plans to shift its base back to India from Singapore ahead of a domestic IPO.