Google has joined Flipkart as a minority investor in its most recent investment round, which is being spearheaded by parent company Walmart. Flipkart is an e-commerce company. It is estimated that Google has invested about $350 million.

Highlights:

• Google invested $350 million in Flipkart's latest funding round led by Walmart.
• The investment will help Flipkart enhance its digital infrastructure and enter the rapid commerce market.
• Flipkart, with a 48% market share in India's e-commerce sector, is expanding its grocery business and fulfillment centers.

According to a statement from Flipkart, "Google will be joining Flipkart as a minority investor as part of the most recent funding round led by Walmart, subject to receipt of legislative and other customary clearances by both parties." 

The company added that Google's planned investment and its Cloud collaboration will assist expand its business and accelerate the modernization of its digital infrastructure to serve clients across the nation, without revealing the exact amount of financing in the statement.

With the new fundraising, the round of funding has reached approximately $950 million, of which its parent company Walmart invested $600 million in December of last year.

The investment is anticipated to support the company's strategy to enter the fast-growing rapid commerce market, which is presently dominated by Blinkit, Zepto, and Swiggy Instamart, all owned by Zomato.

Flipkart revealed earlier this week that its grocery business had grown by 1.6 times year over year. With the opening of 16 grocery fulfillment centers, the business has been improving the infrastructure of its grocery supply chain. These fulfillment centers, which have a total area of more than 9 lakh square feet and a capacity of about 14 lakh units, handle 66,000 grocery orders per day. 

The company's valuation after the most recent infusion was unclear, but according to equity transactions made by its US-based parent company Walmart, PTI reported in March of this year, it had decreased by $5 billion, or roughly Rs 41,000 crore, to $35 billion as of January 2024 from $40 billion in January 2022.

Flipkart ascribed the decline on PhonePe's separation from the business. 

Flipkart dominates India's e-commerce sector with a 48% stake, according to an AllianceBernstein analysis that was cited by PTI earlier this year. The company's user base is increasing by 21% annually. Conversely, Meesho experienced a 32% spike in users, while Amazon saw a 13% increase in users.