Flipkart closes $950 million round with Google's $350 million at a valuation of $36 billion

Flipkart is owned by Walmart

Tech titan Google has invested around $350 million in Flipkart's $950 million round, sources told Moneycontrol. Flipkart commanded a valuation of $36 billion during the round, they added.

The homegrown e-commerce company had kicked off this round in December last year when Walmart, its parent company, had infused $600 million, Moneycontrol had reported earlier. 

The deal is subject to receipt of regulatory and other customary approvals by both parties, Flipkart said without providing deal details.

"Capital from the primary round will be used to double down on quick commerce apart from investing in verticals like travel (Cleartrip) and Shopsy," a person aware of the developments told Moneycontrol.

Flipkart's increased focus on Shopsy comes at a time when rival Meesho is readying a $500-650 million round, Moneycontrol had reported in March.

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This is not Flipkart's first association with the tech giant. Google is Flipkart's existing cloud service provider, along with its in-house cloud infrastructure and Microsoft's Azure.

In 2017, Microsoft signed an agreement with Flipkart to make Azure the etailer’s exclusive public cloud platform. Microsoft even invested $200 million as part of the deal.

Flipkart has raised fresh capital at a time when the company is in preparing to flip its base back to India from Singapore ahead of a planned domestic IPO.

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More recently, Walmart told analysts that it is assessing the right time for Flipkart's public market debut. “We’re looking and exploring when would be the right time to IPO that (Flipkart) business..." a Walmart executive had told analysts recently.