Flipkart closes $950 million round with Google's $350 million at a valuation of $36 billion.
Google invests $350 million in Flipkart's $950 million funding round, valuing the e-commerce giant at $36 billion.
According to sources cited by Moneycontrol, Google, the tech behemoth, has injected approximately $350 million into Flipkart's funding round totaling $950 million. During this round, Flipkart achieved a valuation of $36 billion. The e-commerce giant commenced this funding round in December last year, with its parent company Walmart leading by injecting $600 million, as previously reported by Moneycontrol.
Flipkart confirmed the deal, stating that it is contingent upon regulatory approvals and other customary processes, though specific deal terms were not disclosed. A source familiar with the matter informed Moneycontrol that the primary funding will bolster Flipkart's endeavors in quick commerce and investment in sectors such as travel, exemplified by Cleartrip, and Shopsy.
Flipkart's increased emphasis on Shopsy coincides with reports of rival Meesho gearing up for a funding round ranging between $500-650 million, as reported by Moneycontrol in March. Notably, Google's involvement with Flipkart predates this recent investment, as Google is already a provider of cloud services for Flipkart, alongside the e-commerce giant's in-house cloud infrastructure and Microsoft's Azure.
In 2017, Flipkart signed an agreement with Microsoft, designating Azure as its exclusive public cloud platform, with Microsoft also investing $200 million in the partnership.
The fresh capital infusion comes at a pivotal time for Flipkart as the company prepares to relocate its headquarters from Singapore back to India in anticipation of a domestic IPO.
We hate spam as much as you do
© Hindeez 2024, All Rights Reserved
