Flipkart: Google will invest around $350 million (around Rs 2,900 crore) to acquire a stake in Walmart-owned e-commerce company Flipkart. Flipkart has not disclosed the amount of investment made by Google.
Flipkart
Google will invest around $350 million (around Rs 2,900 crore) to acquire a stake in Walmart-owned e-commerce company Flipkart. Flipkart did not disclose the amount of the investment made by Google or the valuation of the company.
Google struck the deal because Flipkart is a leader in the e-commerce space, said a person familiar with the matter. The company has good infrastructure and sales system. It also plans to invest in expanding new technologies such as artificial intelligence (AI) and generative AI.
Google will provide Google Cloud services to Flipkart under this deal. This will help the company to increase its business. This will help modernize the digital infrastructure to serve customers across the country, the company said in a statement.
Google will invest about $350 million in Flipkart, an Indian online retailer controlled by Walmart. https://t.co/PpIAHGhRyI
— Bloomberg (@business) May 24, 2024
This amount will give Flipkart enough strength to compete with Amazon, Mukesh Ambani-owned Reliance Jiomart and Tata Digital. It will also help the company reach another 20 crore consumers across the country, especially in small and medium towns and rural India.
Also read this: Gemini 1.5, Search AI and many more..What was launched at Google I/O 2024?
This is the largest amount raised by the company after 2021. At that time, the Flipkart group (including PhonePe) had raised $3.6 billion, valuing the company at $37.6 billion. Investors included SoftBank, which later pulled out. Walmart invested $1.2 billion in Flipkart in July 2020. This valued the company at $24.9 billion.
Also read this:
• Good news for India’s economy! UN raises GDP growth forecast for 2024
