Google has contributed $350 million to Flipkart. This is a portion of Walmart's $1 billion fundraising round. Walmart most likely invested $600 million in the internet retailer based in India, according to sources. Flipkart said in a statement on Friday that, subject to receiving regulatory and other customary approvals by both parties, it will be adding Google as a minority partner as part of the most recent fundraising round led by Walmart. Flipkart's estimated worth following the most recent fundraising rounds from Walmart and Google is between $35 and $36 billion. This implies that Google would acquire roughly 10% of the e-commerce company.
Multiple startup financing tracker websites indicate that Walmart, a US-based retail giant, currently owns 80-85% of Flipkart, having acquired a significant share in the latter in 2018. In 2018, Walmart completed a $16 billion deal to acquire 77% of Flipkart. It then purchased shares from more early investors, including Accel, Tiger Global, and Binny Bansal.
Google pledged to provide $10 billion to India's digitization initiatives last year. In 2020, the US-based tech firm made a $4.5 billion investment in the Reliance Jio platform. In addition to these, Google has made investments in a number of Indian start-ups, including DailyHunt, Verse Innovation, ShareChat, and Glance.
