Google has proposed to put money into e-commerce large Flipkart, aiming to accumulate a minority stake as a part of Flipkart’s newest funding spherical led by Walmart, the corporate introduced on Friday. Flipkart acknowledged that the funding by Google is topic to regulatory and customary approvals from each events. The precise quantity of Google’s funding and the full funds being raised haven’t been disclosed.
“As part of the latest funding round led by Walmart, Flipkart today announced that it will be adding Google as a minority investor, subject to receipt of regulatory and other customary approvals by both parties,” Flipkart stated in a press release.
Flipkart highlighted that Google’s proposed funding, together with its Cloud collaboration, will facilitate the enlargement of Flipkart’s business and bolster the modernization of its digital infrastructure to cater to prospects nationwide.
Financial particulars and background
While Flipkart confirmed elevating recent funding of $350 million, the precise quantity of Google’s proposed funding stays undisclosed. In December 2023, it was revealed that Walmart, Flipkart’s guardian firm, would infuse roughly $600 million as a part of a $1 billion capital infusion into Flipkart.
Previous acquisitions and resignations
Walmart had elevated its stake in Flipkart in September 2023 by paying $3.5 billion to accumulate shares from non-controlling curiosity holders. This transfer adopted Walmart’s $16-billion acquisition of Flipkart in August 2018. In January 2024, Flipkart’s co-founder Binny Bansal resigned from the corporate’s board, marking a major transition for the e-commerce large co-founded by Sachin Bansal and Binny Bansal in 2007.
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Source: www.indiatvnews.com
