Google to Invest in Flipkart in India

TapTechNews May 24th news, Walmart-owned Indian e-commerce Flipkart said it has invited Google to join this round of financing. As part of the latest round of financing led by Walmart, Google will invest nearly $350 million (TapTechNews note: currently about 2.538 billion yuan) to acquire a minority stake.

Flipkart said that Google's investment agreement needs to be approved by the regulatory authorities and both sides need to reach an agreement on relevant terms.

As part of the agreement, Google will also provide cloud services to Flipkart. Flipkart said: Google's proposed investment and its cloud computing cooperation will help Flipkart expand its business and advance the modernization of its digital infrastructure to serve customers across the country.

It is introduced that this investment is part of the nearly $1 billion (currently about 7.25 billion yuan) financing initiated by Flipkart in 2023. Walmart led this round of financing and had already invested $600 million in it at the end of last year.

At present, Flipkart almost occupies an absolutely leading position in the Indian e-commerce market, and its competitors such as Amazon and Meesho are difficult to catch up.

Obviously, Google regards India as a key overseas market. The company announced in 2020 that it plans to invest $10 billion (currently about 72.5 billion yuan) in Indian enterprises. It has already invested $4.5 billion in the telecom operator JioPlatforms and $1 billion in Airtel.