Flipkart announced on Friday that it will be adding Google as a minority investor. This investment is part of a new funding round led by Walmart.
Flipkart stated that Google’s investment, along with a collaboration on Cloud services, will help the company grow and improve its digital infrastructure to better serve customers across India.
Reports indicate that Flipkart has secured $350 million in new investments. However, the exact amount Google plans to invest has not been disclosed.
In December 2023, a Flipkart spokesperson confirmed that Walmart would invest about $600 million in the company. This is part of the $1 billion in new capital that Flipkart aims to raise.
In September 2023, Walmart increased its stake in Flipkart by paying $3.5 billion to buy shares from other investors.
Back in August 2018, Walmart completed a $16-billion acquisition of Flipkart.
In January 2024, Flipkart’s co-founder Binny Bansal resigned from the board after selling his entire stake in the company. Binny Bansal and Sachin Bansal co-founded Flipkart in 2007. Sachin Bansal left the Flipkart board in 2018.
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