The big tech major had sought the acquisition of a stake in the Walmart-owned platform via its subsidiary Shoreline
In May, Flipkart said it brought Google on its cap table as a minority investor as part of a larger round led by its parent and retail giant Walmart
The deal also includes a cloud collaboration which, as per Flipkart, will help the ecommerce major expand its business and advance the modernisation of its digital infrastructure
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The Competition Commission of India (CCI) has approved Google parent Alphabet’s stake acquisition in ecommerce major Flipkart.
“Commission approves transaction involving subscription of shares of Flipkart Private Limited by Shoreline, an Alphabet, Inc. subsidiary,” the watchdog said in a statement.
The proposed deal comprises the acquisition of a “minority, non-controlling investment” in Flipkart through subscription of shares.
The competition watchdog further added that the transaction will encompass an arrangement between an affiliate of Google and a Flipkart’s subsidiary for the “provision of additional cloud services”.
This comes six months after the ecommerce platform in May this year said that it added Google to its cap table as a minority investor as part of a larger round led by its parent and retail giant Walmart.
At the time, Flipkart said that the deal would be contingent on regulatory approvals as well as terms that both parties need to agree upon. There was no clarity on the amount invested by Google and the valuation it gave to the ecommerce giant.
(This is a breaking story and will be updated soon.)
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