10:51 AM EDT, 05/24/2024 (MT Newswires) -- (Updates with additional information in second and third paragraphs)

Alphabet's (GOOG, GOOGL) Google ( GOOG ) is purchasing a minority stake worth $350 million in Indian e-commerce company Flipkart, valuing the firm at $37 billion, Reuters reported Friday, citing a source with direct knowledge of the matter.

Flipkart announced Friday, as part of its latest funding round led by Walmart ( WMT ) , that Google ( GOOG ) will become a minority investor pending regulatory and customary approvals from both parties.

"Google's ( GOOG ) proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernization of its digital infrastructure to serve customers across the country," Flipkart added.

Google ( GOOG ), Walmart ( WMT ), and Flipkart did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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