Alphabet's Shoreline International Holdings gets approval from CCI for Flipkart stake acquisition
In May, Google became a minority investor in Flipkart's extended funding round, joining Walmart in providing $350 million. This investment brought the domestic marketplace's total funding to $950 million, increasing its valuation to $36 billion.
- Nov 26, 2024,
- Updated Nov 26, 2024 9:19 PM IST
The Competition Commission of India on Tuesday approved Alphabet's subsidiary Shoreline International Holdings LLC to acquire a stake in Walmart-owned company Flipkart. Shoreline International Holdings is a wholly-owned subsidiary of Alphabet Inc., the parent company of Google. It is a holding company and does not own or operate any Google products or services.
"The proposed transaction comprises an investment through subscription of shares of Flipkart Pvt Ltd (Target) by Shoreline International Holdings LLC (Acquirer) and an arrangement between an affiliate of the acquirer and the target's subsidiary for the provision of certain services," the regulator said in a release.
"Commission approves transaction involving subscription of shares of Flipkart Pvt Ltd by Shoreline, an Alphabet, Inc subsidiary," CCI said in a post on X.
Flipkart, a subsidiary of Walmart Inc and part of the Walmart Group, is primarily focused on wholesale cash and carry operations and operates marketplace-based e-commerce platforms to facilitate trade between customers and sellers in India.
In May, Google became a minority investor in Flipkart's extended funding round, joining Walmart in providing $350 million. This investment brought the domestic marketplace's total funding to $950 million, increasing its valuation to $36 billion. Google's contribution was intended to support Flipkart's expansion into existing key categories such as Cleartrip and Shopsy, as well as new ventures in fintech and quick commerce.
“Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” Flipkart had said in a statement.
The Competition Commission of India on Tuesday approved Alphabet's subsidiary Shoreline International Holdings LLC to acquire a stake in Walmart-owned company Flipkart. Shoreline International Holdings is a wholly-owned subsidiary of Alphabet Inc., the parent company of Google. It is a holding company and does not own or operate any Google products or services.
"The proposed transaction comprises an investment through subscription of shares of Flipkart Pvt Ltd (Target) by Shoreline International Holdings LLC (Acquirer) and an arrangement between an affiliate of the acquirer and the target's subsidiary for the provision of certain services," the regulator said in a release.
"Commission approves transaction involving subscription of shares of Flipkart Pvt Ltd by Shoreline, an Alphabet, Inc subsidiary," CCI said in a post on X.
Flipkart, a subsidiary of Walmart Inc and part of the Walmart Group, is primarily focused on wholesale cash and carry operations and operates marketplace-based e-commerce platforms to facilitate trade between customers and sellers in India.
In May, Google became a minority investor in Flipkart's extended funding round, joining Walmart in providing $350 million. This investment brought the domestic marketplace's total funding to $950 million, increasing its valuation to $36 billion. Google's contribution was intended to support Flipkart's expansion into existing key categories such as Cleartrip and Shopsy, as well as new ventures in fintech and quick commerce.
“Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” Flipkart had said in a statement.