Alphabet’s Google is taking a $350 million minority stake in Walmart-backed Flipkart, valuing the Indian e-commerce company at $37 billion, a source with direct knowledge of the matter told Reuters.

Google and Flipkart could not immediately confirm the value of the investment.

Google Flipkart

Flipkart said in a statement that the tech giant is participating as an investor in the Bengaluru-based company’s latest round of funding.

The round is led by Walmart, Flipkart’s largest shareholder, while Google will be a minority investor, subject to approval.

“Google’s planned investment and cloud collaboration will enable Flipkart to expand its business and accelerate the modernization of its digital infrastructure to serve its customers across the country,” Flipkart said in a statement.

In December 2023, a Flipkart spokesperson confirmed that Walmart plans to invest $600 million in the company in a $1 billion round.

Ever since Walmart acquired rival Amazon.com in India, Flipkart has been the source of IPO speculation.

Earlier this month, the retail giant’s US executives said they were studying and assessing the right time for Flipkart to go public.