Google has recently invested in the Indian e-commerce marketplace Flipkart, which is owned by Walmart. The exact amount of the investment was not disclosed by Flipkart, but reports suggest that Google is investing $350 million in the company, valuing it at $37 billion. This investment is part of a larger funding round of nearly $1 billion initiated by Flipkart in December, with Walmart leading the round with a $600 million investment.
In addition to the financial investment, Google will also be providing cloud offerings to Flipkart. This collaboration will help Flipkart optimize its digital infrastructure and accelerate the modernization of its systems to better serve its growing customer base in India. With over 500 million registered users and 1.4 million sellers on its platform, Flipkart is a major player in the Indian e-commerce market, competing with Amazon.
The investment from Google comes amidst speculation about Flipkart’s potential initial public offering since its acquisition by Walmart. US retail executives are reportedly considering the optimal timing for Flipkart’s market debut. Flipkart recently announced the launch of Flipkart IRIS, an insights platform designed to provide brands with valuable data to help them grow on the e-commerce platform.
Overall, Google’s investment in Flipkart signals a vote of confidence in the Indian e-commerce market and the potential for growth and innovation in the sector. By partnering with Google for cloud offerings, Flipkart is positioning itself to strengthen its digital infrastructure and better serve its vast customer base. The collaboration between these two tech giants showcases the importance of technology and data in the competitive e-commerce landscape in India.
Article Source
https://finance.yahoo.com/news/google-invests-walmart-owned-flipkart-084525485.html
