Flipkart's $37B Valuation Boosted by Google's $350M Investment
Summary
We missed this earlier: On May 24, Walmart-owned e-commerce platform Flipkart received a major investment from Google in its latest funding round. In a press release, Flipkart announced that it would add Google as a minority investor, subject to regulatory approvals. This is the first fundraiser for Flipkart since 2021.In March, Entrackr reported that Flipkart planned to expand into the quick commerce sector with 10-15 minute deliveries in major cities like Bengaluru, Delhi (NCR), and Hyderabad, putting it in competition with Blinkit, Swiggy Instamart, and Zepto.Flipkart did not confirm this. This includes mobiles, essential items, electronics, home appliances, fashion, books, and other lifestyle products.Further, in March, Flipkart introduced a new Unified Payments Interface (UPI) service partnering with Axis Bank. This puts it in direct competition with its minority investors UPI service, Google Pay, and the formerly acquired PhonePe.