Google likes Flipkart, will buy stake of $350 million

Flipkart Stake: The world's largest search engine firm Google has appreciated Flipkart, an e-commerce firm promoting items on-line. It’s reported that Google has proposed to take a position about $350 million (about Rs 2,900 crore) to purchase a small stake in e-commerce firm Flipkart within the newest funding spherical. In keeping with information coming from sources, Flipkart is elevating one billion {dollars} within the present spherical of funding and has acquired a dedication of $600 million from its mother or father firm and American retail big Walmart.

Flipkart will add as a small investor

A press release issued by Flipkart mentioned that underneath the brand new funding spherical led by Walmart, Flipkart introduced the addition of Google as a minority investor. This transfer will probably be topic to regulatory and different procedural approvals from either side. Flipkart mentioned that Google's proposed funding and its cloud collaboration will assist Flipkart develop its enterprise and additional modernize its digital infrastructure to serve clients throughout the nation.

Funding of $350 million

Though Flipkart didn’t give any particulars of the proposed funding quantity by Google, based on sources, this determine could possibly be $350 million. A supply mentioned that the transaction is predicted within the present funding spherical primarily based on Flipkart's valuation being round US$35 billion. Flipkart's valuation as of January 31, 2024 was US$35 billion primarily based on the fairness transaction finished by US-based Walmart. Walmart had elevated its stake in Flipkart by 10 per cent to about 85 per cent by paying $3.5 billion within the monetary yr 2023-24.

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Lack of Rs 4,846 crore in 2022-23

In keeping with media studies, Google and Walmart didn’t instantly reply to emails despatched on the monetary particulars of funding commitments within the present funding spherical, whereas Flipkart declined to touch upon it. Flipkart reported a web lack of Rs 4,846 crore and consolidated web revenue of Rs 56,012.8 crore in FY 2022-23 whereas its expenditure was Rs 60,858 crore.

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