Google is reportedly set to invest $350 million in Flipkart, valuing the company at $37 billion.

Walmart is reportedly leading the latest funding round for Flipkart, with Google participating as a minority investor.

Alphabet’s Google is set to acquire a minority stake in Walmart-backed Flipkart, investing $350 million and valuing the Indian e-commerce firm at $37 billion, according to a source with direct knowledge of the matter who spoke to Reuters.

Neither Google nor Flipkart were immediately available to confirm the investment amount.

In a statement, Flipkart announced that the tech giant will participate as an investor in the latest funding round for the Bengaluru-based company.

The funding round will be led by Walmart, Flipkart’s largest shareholder, and will see Google become a minority investor, pending necessary approvals.

“Google’s proposed investment and its Cloud collaboration will aid Flipkart in expanding its business and modernizing its digital infrastructure to better serve customers across the country,” Flipkart said in a statement.

In December 2023, a Flipkart spokesperson confirmed that Walmart would invest $600 million in the company as part of a $1 billion funding round.

Since Walmart acquired Flipkart, there has been ongoing speculation about an IPO for the company, which competes with Amazon.com in India.

Earlier this month, executives at the U.S. retail giant stated they are “looking and exploring” for the right time to proceed with Flipkart’s initial public offering.