Alphabet Inc.’s Google will make investments about $350 million in Flipkart, an Indian on-line retailer managed by Walmart Inc., in accordance with folks acquainted with the matter.
The funding is a part of an roughly $1 billion funding spherical that started late final 12 months, the folks stated, asking to not be recognized when discussing non-public particulars. Google’s funding was first reported by The Financial Instances newspaper.
Flipkart confirmed the Google funding in a press release however didn’t disclose the quantity. The Google funding is topic to antitrust and different regulatory approvals, it stated.
The funding spherical was led by Walmart, which final 12 months invested almost $600 million within the homegrown e-commerce agency that competes with Amazon.com Inc. in India, the folks stated.
Flipkart was based by two former Amazon engineers in 2007 and purchased by Walmart 11 years later in a $16 billion deal.
By Sankalp Phartiyal
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