FILE PHOTO: A robotic arm assembles a carton box to pack goods at a Flipkart, a leading e-commerce firm in India, fulfilment centre on the outskirts of Bengaluru, India, September 23, 2021. REUTERS/Samuel Rajkumar/File PhotoBENGALURU : Alphabet's Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told Reuters.
"Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernization of its digital infrastructure to serve customers across the country," Flipkart said in a statement. Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with Amazon.com in India.