Flipkart, Walmart-owned Indian e-commerce marketplace, has secured an investment from multinational technology company Google.
The retailer, which released a brief statement on its website, said that it will add Google as a minority investor.
Flipkart did not disclose the value of the investment, but a report from Reuters said that the technology giant is investing $350m, valuing the Indian e-commerce firm at $37bn.
The investment is part of a nearly $1bn funding round initiated by Flipkart in December last year.
Walmart led the round with a $600m investment in late last year.
As part of the deal, Google will also provide Flipkart with cloud offerings.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
The e-commerce marketplace will leverage the investment and cloud services collaboration to optimise its digital infrastructure and expedite the modernisation of its digital infrastructure to serve the growing customers base across the country.
The Bengaluru-based company, which competes with Amazon in India, has been the subject of IPO speculation since Walmart’s acquisition.
US retail executives recently indicated that they are exploring the optimal timing for Flipkart’s market debut, Reuters reported.
With over 500 million registered users and more than 1.4 million sellers on its platform, Flipkart is one of the leading digital commerce marketplaces in India.
The marketplace, which includes Shopsy sellers, offers a vast array of products across more than 80 categories.
Recently, it announced the launch of Flipkart IRIS, an insights platform designed to provide brands with valuable data to inform their strategies and foster growth on the e-commerce platform.
