As the Indian e-commerce space heats up with a spurt in the digital economy, Google has invested nearly $350 million in Walmart-owned Flipkart, taking the homegrown company's valuation at nearly $36 billion.
In a statement, Flipkart said it has added Google as a "minority investor" in the e-commerce platform as part of the latest funding round led by Walmart. The company, however, did not disclose the financial details.
The move, coming at a time when the Indian digital economy is growing at a much faster pace, is subject to receipt of regulatory and other customary approvals by both parties, the homegrown e-commerce firm said in a statement.
"Google's proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country," it said.
About Flipkart
Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. Currently, it has a registered user base of more than 500 million and the marketplace offers over 150 million products across more than 80 categories.
According to the company, there are over 1.4 million sellers on the platform, including Shopsy sellers. Earlier this week, the e-commerce platform said it has clocked 1.6 times growth (year-on-year) in its grocery business. The company has launched 16 grocery fulfilment centres across key locations in the country.
