02:00 PM EDT, 05/28/2024 (MT Newswires) -- (Updates with Walmart's ( WMT ) response in the fourth paragraph.)

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.

"As a people-led, tech-powered omnichannel retailer helping people save money to live better, Walmart ( WMT ) and Flipkart look forward to welcoming Google ( GOOG ) as a minority investor," Walmart ( WMT ) told MT Newswires.

Google ( GOOG ) did not immediately respond to MT Newswires' request 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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