Google to buy minority stake in Flipkart for USD 350 mn in fresh funding round

NEW DELHI: Internet major Google has proposed an investment of around USD 350 million (about Rs 2,900 crore) to buy a minority stake in e-commerce company Flipkart during a fresh funding round, the Walmart group firm said on Friday.

Flipkart is raising USD 1 billion during an ongoing funding round and has received the commitment of USD 600 million infusion from its parent firm and US retail giant Walmart, according to sources.

“As part of the latest funding round led by Walmart, Flipkart today announced that it will be adding Google as a minority investor, subject to receipt of regulatory and other customary approvals by both parties,” Flipkart said in a statement.

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