The Strategist

Indian online retailer Flipkart holds $1 billion investment round

05/27/2024 - 03:19

According to the Economic Times, Google, a division of Alphabet Inc., contributed $350 million to the $1 billion financing round that Indian online retailer Flipkart, which is owned by Walmart Inc., finished.

Samrat Mazumdar
Samrat Mazumdar
As part of this funding round, Walmart, which owns 85% of Flipkart, contributed $600 million to the business.

Google's involvement as a minority investor was confirmed by Flipkart, however the business withheld the amount of its stake.

According to sources in the Indian publication, Flipkart's valuation in the funding round was between $35 and $36 billion.

"Google's investment and collaboration with this cloud technology company will help Flipkart in growing its business and modernizing its digital infrastructure," the company said in a statement.

Two former Amazon engineers launched Flipkart in 2007. Walmart purchased the Indian company in 2018 in a $16 billion deal.