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Google Backs Flipkart In Walmart-Led Funding Round

Inc42 · 1y ago

Google Backs Flipkart In Walmart-Led Funding Round

Google is reportedly investing in Flipkart as part of the latter's $1 billion funding round, in which Walmart is also contributing $600 million. Walmart's investment is believed to be at a premium to Flipkart's valuation of $33 billion from its previous fundraising. Flipkart is seeking to venture into quick commerce to compete with the likes of Zomato's Blinkit, Swiggy's Instamart, and Zepto.

Related News

CCI approves Google's investment in Walmart-backed Flipkart

YourStory

YourStory · 9m ago

CCI approves Google's investment in Walmart-backed Flipkart

The Competition Commission of India (CCI) has given approval for Google's investment in Flipkart. Google joined Flipkart's funding round in May, investing $350 million alongside Walmart. This investment is aimed at helping Flipkart focus on categories like Cleartrip and Shopsy, as well as new areas in fintech and quick commerce. Walmart currently holds an 80.8% stake in Flipkart and has reported strong growth in its international advertising vertical, largely driven by Flipkart. In addition, Flipkart recently appointed Walmart executive Dan Bartlett to its Board.

Flipkart raises fresh investment of $350 million from Google

Economic Times

Economic Times · 1y ago

Flipkart raises fresh investment of $350 million from Google

Flipkart has successfully concluded its funding round with Google investing $300-350 million. The e-commerce giant has been valued at approximately $35-36 billion following this round, in which Walmart also contributed $600 million. The funding will be utilized by Flipkart for its quick commerce venture set to launch in July.

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Money Control

Money Control · 1y ago

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Flipkart closed a $950 million funding round with a $350 million investment from Google, valuing the company at $36 billion. Initiated in December, the round also included $600 million from Walmart, Flipkart's parent company. The funds will be used to enhance quick commerce and invest in verticals like travel (Cleartrip) and Shopsy, pending regulatory approvals.

CCI clears Google’s $350 million funding in Flipkart, Temasek’s investment in Rebel Foods

Economic Times

Economic Times · 9m ago

CCI clears Google’s $350 million funding in Flipkart, Temasek’s investment in Rebel Foods

The Competition Commission of India (CCI) has approved Google's $350 million investment in Flipkart and Temasek's investment in Rebel Foods. Google's investment is part of a $1 billion funding round for Flipkart, valuing the company at $35-36 billion. Walmart, the majority owner of Flipkart, led the funding round with a $600 million infusion. The CCI stated that Google's investment is a small and non-controlling acquisition and that the two companies will continue to operate independently. Rebel Foods, which operates cloud kitchen brands, received an investment from Temasek.

Flipkart in talks to raise $1 billion, Walmart commits $600 million

Economic Times

Economic Times · 1y ago

Flipkart in talks to raise $1 billion, Walmart commits $600 million

Flipkart, the Indian e-commerce giant, is reportedly in talks to raise $1 billion in a funding round. This move comes after Walmart committed $600 million towards the company. The funding is expected to help Flipkart expand its operations and fend off competition from rivals like Amazon.

Bengaluru-based logistics startup Shadowfax raises $100M led by TPG NewQuest, existing backers

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru-based logistics startup Shadowfax raises $100M led by TPG NewQuest, existing backers

Bengaluru-based logistics startup Shadowfax has raised $100 million in a funding round led by TPG NewQuest. The round also saw participation from existing investors, including Walmart-owned Flipkart, Mirae Asset Venture Investments, IFC, Nokia Growth Partners, Qualcomm, and Trifecta Capital. With the fresh capital, Shadowfax aims to enhance its express delivery network and strengthen its middle-mile logistics. The startup plans to extend its last-mile delivery services to cover 20,000 pin codes across India. The funding comes at a crucial time when the quick-commerce sector is witnessing rapid growth in India.

Former SoftBank managing partner Lydia Jett joins Flipkart board

Economic Times

Economic Times · 1y ago

Former SoftBank managing partner Lydia Jett joins Flipkart board

Lydia Jett, former SoftBank managing partner, has joined the board of Indian e-commerce giant Flipkart as an independent director. This marks her second term on Flipkart's board, with her previous tenure representing SoftBank. Jett played a pivotal role in SoftBank's investment in Flipkart and subsequently sold its stake to Walmart in 2018. Flipkart recently closed a funding round with a $35-36 billion valuation and has been focusing on profitability and expanding its delivery services across India. There have also been hints of a potential IPO for Flipkart.

Decoding Flipkart’s $600 Mn round, captable and valuation

Entrackr

Entrackr · 1y ago

Decoding Flipkart’s $600 Mn round, captable and valuation

E-commerce giant Flipkart has raised $600 million from its holding company Walmart through the investment arm FIT HOLDINGS SARL. Walmart spearheaded the round with $598.7 million, increasing its stake in Flipkart to 84.6%. The funds will be used to expand operations and strengthen supply chain and tech capabilities. The company is expected to raise a total of $1 billion, with $400 million coming from existing and new investors. Flipkart's valuation stands at $32.55 billion post-allotment.

Flipkart receives $382 Mn from parent entity

Entrackr

Entrackr · 4m ago

Flipkart receives $382 Mn from parent entity

Flipkart Internet, the marketplace arm of Walmart-backed Flipkart, has received Rs 3,249 crore (approximately $382 million) in internal funding from its Singapore-based parent entity. Earlier, in April 2024, the company had secured Rs 1,421 crore from the same parent organization. The board at Flipkart has issued 470,773 equity shares at an issue price of Rs 69,014.7 each on a right issue basis to raise Rs 3,249 crore from Flipkart Marketplace Private Limited (Singapore), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May last year, Flipkart raised $350 million from Google at a valuation of $36 billion. According to startup data intelligence platform TheKredible, Walmart is the largest stakeholder in the e-commerce company holding 85% stake, followed by Tencent and other minority shareholders including CPP Investments, GIC, SoftBank and Microsoft. Apart from horizontal e-commerce offerings, Flipkart also entered the quick commerce space with Minutes, promising deliveries within 10-15 minutes to compete with players like Blinkit, Zepto, and Instamart. For the fiscal year ended 2024, Flipkart reported a 20% increase in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.

Blume backs EaseMyTrip co-founder's fintech platform; Nexus bets on gaming startup

VCCircle

VCCircle · 1y ago

Blume backs EaseMyTrip co-founder's fintech platform; Nexus bets on gaming startup

Fintech startup Optimo Loan and gaming studio Liquidnitro Games have announced early-stage funding. Optimo Loan has secured $10 million in a seed funding round led by Blume Ventures and Omnivore, with additional investment from founder Prashant Pitti. The startup plans to use the funds to expand operations, improve its technology stack, recruit new talent, and establish a presence in rural India. Meanwhile, Liquidnitro Games raised $5.25 million in a seed funding round led by Nexus Venture Partners. The funds will be used to develop the studio and invest in artificial intelligence and technology to enhance production capabilities.

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