Google Plans to invest in Indian digital commerce companies Flipkart.
The move gives Google a minority stake in Flipkart’s newest venture. Funding roundled by WalmartFlipkart said in a press release on Friday (May 24).
The proposed investment is subject to regulatory and other customary approvals.According to the announcement:.
“Google’s proposed investment and cloud collaboration will help Flipkart accelerate its business expansion and modernize its digital infrastructure to serve customers across the country,” Flipkart said in a statement.
The Flipkart Group includes several companies that enable businesses to participate in digital commerce in India.According to the announcement:. For businesses, e-commerce platforms FlipkartFashion Destination MyntraB2B Marketplace Flipkart Wholesalea health and pharmacy platform Flipkart Health+ Travel Platform Clear Trip.
The Flipkart marketplace has over 500 million registered users, 1.4 million sellers and 150 million products across 80 categories.the release states..
The announcement of Google’s proposed investment in Flipkart Ten Months after Walmart paid $1.4 billion big Investing in India E-commerce companiesBuying from Investment Management Group Tiger Global.
Letter to investors issued At the time, Flipkart was valued at $35 billion.
This acquisition, along with Walmart’s acquisition of a 1% stake in venture capital firm Accel, increased Walmart’s stake in Flipkart to 77%.
A Walmart spokesperson told PYMNTS at the time of the acquisition in July: “We are confident in Flipkart’s future and are even more positive about the opportunity in India today than when we first invested in it. We continue to be impressed with Flipkart’s progress and are focused on building a healthy, sustainable and profitable business for the long term to ensure Flipkart continues to grow in an emerging and dynamic market.”
PYMNTS Intelligence’s “Global Digital Shopping Index 2023: India Edition,According to a study published in the journal Shopping for the New York Times, Millennials, Bridge Millennials and Gen Z shoppers are the top three in India. Digital First Shopping experience.
On average, these shoppers use 17 digital shopping and payment features. The average is 15 in the US and 12 in the UK.
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