Google is ready to help you shop, it can invest this much in Flipkart - Newztezz Online


Friday, May 24, 2024

Google is ready to help you shop, it can invest this much in Flipkart

The world's largest search engine Google will now let you shop with ease. Google is not going to launch any of its own shopping sites, but is going to invest in India's leading e-commerce platform Flipkart. Read this news...

The world's largest search engine Google is now entering new segments and strengthening its hold in India. Google first invested in Jio Platforms. Currently, it is in talks with Foxconn to make its Pixel phones in India. Now it has also made preparations to let you shop. Google is planning to invest in Flipkart, one of India's largest e-commerce platforms.

Google has proposed to invest a significant amount to buy a small stake in Walmart-owned Flipkart. This will also give Google a tough competition to Amazon, which is one of the world's largest e-commerce companies.

Google will invest 350 million dollars

Walmart informed on Friday that Google may invest $350 million (about Rs 2,900 crore) to buy a small stake in its e-commerce company Flipkart. This is part of Flipkart's new fund raising round. In this round, the company has set a target of raising one billion dollars. Walmart itself has expressed its commitment to invest $600 million in Flipkart. However, Google's investment in Flipkart will be possible only after getting regulatory permission. Google will only have a minority stake in Flipkart.

This is how Flipkart will get help from Google

Flipkart says that this proposed investment from Google and its cloud program will help Flipkart expand its business. At the same time, the company will be able to strengthen and modernize its digital infrastructure to provide services to customers across India. Flipkart did not give any details of the amount of investment to be made by Google. But according to sources, this figure could be $350 million.

According to a PTI report, Flipkart's market valuation for this fundraising round can be estimated at around $35 billion, as according to the recent equity transaction done by Walmart, Flipkart's valuation was around US$35 billion as of January 31, 2024. Walmart had increased its stake in Flipkart by 10 percent to about 85 percent by paying $3.5 billion in the financial year 2023-24.

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