Google has announced to buy stake in e-commerce company Flipkart. Flipkart, a Walmart group company, gave this information on Friday. As part of a new fundraising round led by Walmart, Flipkart announced the addition of Google as a minority investor. The deal now requires regulatory and other approvals from both parties. However, Flipkart did not provide any details of the amount Google is proposing to invest. Also, he did not disclose the size of the fund he was raising.
What Flipkart said
“Google’s proposed investment and its cloud collaboration will help Flipkart expand its business and further modernize its digital infrastructure to serve customers across the country,” Flipkart said. According to an ET report, Flipkart plans to sell stake in Google by raising $300-350 million in funding. After raising this fund, Flipkart is estimated to be valued at around $35-36 billion.
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