According to a source with firsthand knowledge of the situation, Google, a division of Alphabet, would acquire a $350 million minority investment in Flipkart, an Indian e-commerce company backed by Walmart, valuing the company at $37 billion.

It took some time for Google and Flipkart to respond when asked about the investment’s worth.

Flipkart stated in a statement that the digital behemoth will participate as an investor in the most recent round of fundraising for the Bengaluru-based business.

Google will become a minority investor in the transaction, pending permissions, and will be headed by Walmart, the largest stakeholder in Flipkart.

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

A Flipkart representative verified in December 2023 that Walmart was planning to invest $600 million in the business as part of a $1 billion funding round.

Since Walmart acquired Flipkart, an Indian e-commerce startup that competes with Amazon.com, there have been rumours of an IPO.

Executives at the massive American retailer stated earlier this month that they are “looking and exploring” for the ideal moment to launch Flipkart as an initial public offering.

(Adapted from ThePrint.in)