Google Bought Stake in Flipkart: Tech giant Google has announced to buy stake in e-commerce company Flipkart. According to a Moneycontrol report, Google has invested about $350 million (Rs 2,907 crore) in Flipkart’s $950 million (Rs 7,891 crore) funding round.
Moneycontrol sources said that Flipkart’s valuation in this funding round was $36 billion (Rs 2.99 lakh crore). The e-commerce company started this round of stake sale in December last year, when its parent company Walmart invested $600 million (Rs 4,984 crore).
Know when the deal will be completed:
Without giving details of the deal, Flipkart said the deal will be completed only after both parties receive regulatory and other custom approvals.
According to media sources, “The primary round of funding will be used to double down on Quick Commerce besides investing in verticals like travel (Cleartrip) and Shopify.”
Flipkart’s focus on Shopify comes at a time when rival Meesho is preparing to raise a $500-650 million round. Moneycontrol had reported about Meesho’s plans in a report in March.
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