India’s Walmart-owned e-commerce giant Flipkart is set to receive a new capital injection with Google joining the investment group. Google is expected to invest around US$350 million (about 2.54 billion yuan) in Flipkart by acquiring a minority stake. The investment is part of a larger financing round led by Walmart. However, the deal is awaiting regulatory approval and final agreement on terms between the two companies.

Last year, Walmart invested $600 million in the company.

In addition to the investment, Google will also provide cloud services to Flipkart. This cloud partnership will strengthen Flipkart’s digital infrastructure and guide its expansion plans. Flipkart sees the collaboration as a strategic move to “grow its business and modernize its operations”.

Reports say the investment is part of Flipkart’s nearly $1 billion funding round that will kick off in 2023. Walmart took the lead last year, investing $600 million.

Flipkart currently dominates the Indian e-commerce market, while rivals like Amazon and Meesho are lagging behind. Google’s investment underlines its commitment to the Indian market, following its earlier commitment of US$10 billion (about 72.5 billion yuan) to Indian companies in 2020. This commitment is further supported by Google’s previous investments in Jio Platforms ($4.5 billion) and Airtel ($1). one billion).