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Google’s $350-mn investment in Flipkart is set to aid e-commerce company’s big growth
- IBJ Bureau
- May 25, 2024
Google is investing nearly $350 million in Flipkart, becoming the latest high-profile name to back the Walmart-owned Indian e-commerce startup.
The Android-maker will also provide Flipkart with cloud offerings as a part of the deal, the Bengaluru-headquartered startup has said in a brief statement on Friday. The Google investment is a part of a nearly $1 billion funding round that Flipkart had kicked off in 2023. Walmart has led the round, having invested $600 million in it late last year. Microsoft is also an investor in Flipkart.
Flipkart, without disclosing the funding amount in a statement, said that Google’s proposed investment and its cloud collaboration would help expand its business and advance the modernisation of its digital infrastructure to serve customers across the country.
Flipkart, valued at $36 billion in the new investment, leads the e-commerce market in India, where it serves hundreds of millions of consumers in smaller cities and towns. The startup, which also owns the fashion e-commerce startup Myntra, commands about 48% of the Indian e-commerce market, according to Bernstein.
The investment is expected to fuel the company’s plan to reportedly get into the quick commerce segment, currently led by Zomato-owned Blinkit, Zepto and Swiggy Instamart.
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