Alphabet Inc., the parent company of Google, has secured approval from the Competition Commission of India (CCI) to acquire a stake in Flipkart, Walmart’s e-commerce subsidiary. The investment will be executed through Alphabet’s wholly-owned subsidiary, Shoreline International Holdings LLC, as part of a $1 billion funding round announced by Flipkart in May.
Under the agreement, Flipkart will issue shares to Shoreline, while a Flipkart subsidiary will collaborate with an Alphabet affiliate to deliver specific services. Shoreline, acting as a holding entity, does not directly engage in Google product or service activities.
This funding round, which also includes a $600 million contribution from Walmart, values Flipkart at approximately $35-36 billion. Alphabet’s share amounts to $350 million, showcasing its commitment to expanding its footprint in the Indian e-commerce market.
Walmart, owning 85% of Flipkart since its $16 billion acquisition in 2018, continues to actively support Flipkart’s growth in one of the world’s largest and fastest-growing e-commerce markets. The collaboration between Alphabet and Flipkart is expected to bring innovative synergies that will further bolster Flipkart’s position in India’s competitive e-commerce landscape.
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