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    Google becomes minority investor in Flipkart

    We missed this earlier: On May 24, Walmart-owned e-commerce platform Flipkart received a major investment from Google in its latest funding round. In a press release, Flipkart announced that it would add Google as a minority investor, subject to regulatory approvals. Reuters reported that Google invested nearly $350 million in this round, bringing Flipkart’s valuation to $37 billion.

    As part of the agreement, Flipkart is also deepening its collaboration with Google Cloud to strengthen its cloud infrastructure. Flipkart’s CCO Rajneesh Kumar said the partnership would allow the company to “expand its business and advance the modernization of its digital infrastructure” in a statement shared on LinkedIn.

    Reports of the e-commerce company raising $1 billion, including a $600 million injection from Walmart, first emerged in late 2023. Additionally, Flipkart’s marketplace arm ‘Flipkart Internet’ received a cash infusion of about ₹ 924 crore ($111 million) from related entities based in Singapore earlier this year. This is the first fundraiser for Flipkart since 2021.

    Flipkart’s plan to explore quick commerce

    In March, Entrackr reported that Flipkart planned to expand into the quick commerce sector with 10-15 minute deliveries in major cities like Bengaluru, Delhi (NCR), and Hyderabad, putting it in competition with Blinkit, Swiggy Instamart, and Zepto.

    Flipkart did not confirm this. However, a spokesperson did highlight that Flipkart had made significant efforts to increase delivery time. They said, “Over the past few months, we have made several investments to enhance our delivery capabilities, including adding same-day delivery in 20 cities. This includes mobiles, essential items, electronics, home appliances, fashion, books, and other lifestyle products.”

    Further, in March, Flipkart introduced a new Unified Payments Interface (UPI) service partnering with Axis Bank. This puts it in direct competition with its minority investor’s UPI service, Google Pay, and the formerly acquired PhonePe.

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    The post Google becomes minority investor in Flipkart appeared first on MEDIANAMA.

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