GG News Bureau
NEW YORK, 26th May. Walmart owned Flipkart on Saturday said it has added Google as a “minority investor” in the e-commerce platform as part of the latest funding round led by Walmart, in a statement issued.
Google has invested $350 million in Walmart-owned Flipkart, taking the homegrown company’s valuation at $36 billion as the Indian e-commerce space heats up with a spurt in the digital economy.
Flipkart did not disclose the financial details.
Indian digital economy is growing at a much faster pace, is subject to receipt of regulatory and other customary approvals by both parties, the homegrown e-commerce firm said in a statement.
“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,” it said.
It was established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India’s digital commerce revolution.
Flipkart has a registered user base of over 500 million and the marketplace offers over 150 million products across 80 categories.
According to the company, there are over 1.4 million sellers on the platform, including Shopsy sellers.
The e-commerce platform said it has clocked 1.6 times growth (year-on-year) in its grocery business. The company has launched 16 grocery fulfilment centres across key locations in the country.
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