Flipkart is a Bangalore-based Walmart-owned Indian e-commerce startup that is receiving an investment of $350 million from the tech giant, Google. Flipkart closed its funding round at $950 million with Google taking led by $350 million. This funding round made Flipkart’s valuation at $36 billion. Last year, Walmart invested $600 million in this startup.
A person aware of the situation told Moneycontrol that the capital raised from the primary round would be used to double down on quick commerce rather than investing in verticals like shopping. Flipkart focus on Shopsy increased after Meesho revealed about $500-$600 million funding round.
The amount of investment is still blurred as Google proposed an investment in Flipkart to buy a minority stake during the fresh funding round. The investment is mainly aimed at cloud technology. Google wants to use the cloud technology of Flipkart in its systems to enhance the platform.
Flipkart is excited about Google’s investment to scale up, boost its business growth, enhance its digital infrastructure, and offer seamless experience to its Indian customers. A report by TOI mentioned Flipkart said in a statement, that they will be adding Google as a minority investor in fresh funding rounds.
The company mentioned Google’s proposed investment in cloud collaboration to help Flipkart expand its business and provide advanced infrastructure. The investment will benefit both parties and will provide a range of innovative services in the future.
Last year, Flipkart confirmed that Walmart invested $600 million in the startup. This will be part of the $1 billion funding capital that Flipkart is aiming for. US-based Walmart hasinvested a total of $16 billion in various e-commerce startups in 2018. Some sources reported that Flipkart has raised $350 million from fresh investments led by Google. However, the e-commerce startup did not disclose the amount of investment made by Google.
Conclusion :
Flipkart is an Indian e-commerce startup that has raised $350 million from the tech giant, Google. Flipkart closed its funding round at $950 million with Google taking led by $350 million. This funding round made Flipkart’s valuation at $36 billion. Flipkart is excited about Google’s investment to scale up, boost its business growth, enhance its digital infrastructure, and offer seamless experience to its Indian customers.
A report by TOI mentioned Flipkart said in a statement, that they will be adding Google as a minority investor in fresh funding rounds. Walmart invested $600 million in the startup, which is part of the $1 billion funding capital that Flipkart is aiming for. The company mentioned Google’s proposed investment in cloud collaboration to help Flipkart expand its business and provide advanced infrastructure.
The investment is mainly aimed at cloud technology. Google wants to use the cloud technology of Flipkart in its systems to enhance the platform. The investment will benefit both parties and will provide a range of innovative services in the future.
