Walmart-owned Flipkart has closed a funding round of about $1 billion that includes $350 million from Alphabet’s Google, according to reports.

The online retailer with headquarters in Bengaluru, India, revealed Google's stake as a minority investment; however, the deal's size and the company's valuation were not disclosed.

After PhonePe left the company last year, Flipkart's valuation increased to $35–36 billion in this funding round from $33 billion.

Flipkart's valuation climbed from $33 billion to $35–36 billion in this funding round following PhonePe's exit from the company last year.

Google’s 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, according to reports.

Flipkart's valuation climbed from $33 billion to $35–36 billion in this funding round following PhonePe's exit from the company last year. In the upcoming week, Flipkart is anticipated to begin testing the service in a few select places before making it available to all customers.

The round has now closed. There is a premium on valuation after the Walmart commitment came in, according to reports.

There have been fruitless negotiations between Flipkart and Zepto over a possible deal. Top participant in the rapidly expanding quick commerce market Zepto chose to close a finance round rather than pursue a strategic sale.

This will be the biggest fundraising effort by a consumer internet company during the current funding freeze. Even though the number of late-stage deals has increased recently, a sizable amount of them involve the selling of secondary shares. This is Flipkart's main cash infusion, which means that the money will enter the business.