Tuesday, June 25, 2024

Flipkart gets $350 million cash transfer from Google

Google has made a $350-million investment in Flipkart but will not get a seat on the e-commerce major’s board, a person familiar with the matter said, adding that the transaction valued Flipkart at $36 billion.

Flipkart formally acknowledged the investment but did not disclose the amount proposed to be invested by Google. “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 e-commerce retailer said in a statement on Friday.

Walmart-owned Flipkart further stated that Google’s proposed investment and its cloud collaboration will help Flipkart expand its business and advance the modernization of its digital infrastructure.

This is Flipkart’s second association with a big-tech giant. In 2017, it partnered with Microsoft to adopt Azure as its exclusive public cloud computing platform.

At the time, Microsoft had said Flipkart will leverage artificial intelligence, machine learning and analytics capabilities on Azure—such as the Cortana Intelligence Suite and Power BI—to optimize its data for innovative merchandising, advertising, marketing and customer service.

As per various reports, Flipkart is in various discussions to move its domicile to India from Singapore to list in the public markets. Walmart’s CEO Kathryn J. McLay also emphasised that the company is “looking and exploring when will be the right time to IPO” in a post-earnings call with analysts last week.

Also read: Lt Governor congratulates people, stakeholders on historic turnout in Anantnag-Rajouri Parliamentary Constituency polls

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