Flipkart Flipkart closes $950 mn round with Sundar Pichai-led Google's $350 mn investment at $36 bn valuation
Bengaluru/IBNS: American tech titan Google has invested around $350 million in Indian e-commerce giant Flipkart's $950 million round at a valuation of $36 billion, reports said.
Flipkart had kicked off this round in December last year when its parent company Walmart had infused $600 million, as reported earlier by Moneycontrol.
The deal between Google and Flipkart is subject to receipt of regulatory and other customary approvals by both parties, the homegrown e-commerce company said without sharing deal details.
Moneycontrol reported, citing its sources, that the capital from the primary round will be used to double down on quick commerce apart from investing in verticals like travel (Cleartrip) and Shopsy, a B2C e-commerce platform.
Flipkart's increased focus on Shopsy comes at a time when rival Meesho, an online shopping platform owned by Fashnear Technologies Pvt. Ltd., is readying a $500-650 million round, according to a Moneycontrol report published in March.
This is not Flipkart's first association with Google, as the California-headquartered tech giant is Flipkart's existing cloud service provider, along with its in-house cloud infrastructure and Microsoft's Azure.
According to a report by Moneycontrol, Flipkart has raised fresh capital at a time when the company is preparing to flip its base back to India from Singapore ahead of a planned domestic IPO.
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