Google is buying minority stake in Walmart-owned Flipkart

Google has proposed an investment in e-commerce major Flipkart to buy a minority stake during the company’s fresh funding round. The Walmart group has announced the same. This investment would occur as part of Flipkart’s current funding round led by Walmart, Flipkart’s majority owner. The company, however, neither disclosed the amount proposed to be invested by Google nor the details of the fund being raised by the firm.
The announcement highlights a potential collaboration between the two companies on cloud technology, but did not disclose the investment amount or total funding Flipkart is seeking.Flipkart expects Google’s involvement to boost its business growth and modernize its digital infrastructure, ultimately benefiting Indian customers.
“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 said in a statement.
“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.