• Thursday, June 13, 2024

Business

Google plans to buy minority stake in India’s Flipkart

Flipkart did not disclose the amount Google proposed to invest or the details of the fund being raised.

This photo taken on May 8, 2018 shows the logo of e-commerce company Flipkart at its headquarters in Bangalore. – US retail behemoth Walmart is expected to announce May 9 that it is to buy a majority stake in India’s largest e-commerce company Flipkart for around $15 billion. Walmart CEO Doug McMillon arrived in Bangalore, the Flipkart headquarters, to announce the deal which media reports said would see the American firm acquire around 70 percent of the Indian e-tailer. (Photo by – / AFP) (Photo credit should read -/AFP via Getty Images)

By: Vivek Mishra

Google has proposed investing in Flipkart, the Walmart-controlled Indian online retailer.

Flipkart said on Friday that the tech giant wants to acquire a minority stake during the company’s new funding round.

The round will be led by Walmart, Flipkart’s biggest shareholder.

“As part of the latest funding round led by Walmart, Flipkart today announced that it will be adding Google as a minority investor, subject to receipt of regulatory and other customary approvals by both parties,” the company stated.

The e-commerce firm did not disclose the amount Google proposed to invest or the details of the fund being raised.

“Google’s proposed investment and its cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” Flipkart said.

Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with Amazon. Earlier this month, executives at the US retail giant said they are “looking and exploring” for the right time for Flipkart’s initial public offering, reported Reuters.

(Agencies)

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