Alphabet’s Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told Reuters.

Google and Flipkart were not immediately available to confirm the value of the investment.

The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company, Flipkart said in a statement.

The round will be led by Walmart, Flipkart’s biggest shareholder and will make Google a minority investor, subject to approvals.

“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,” Flipkart said in a statement.

In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 million in the company as part of a $1 billion round.

Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with Amazon in India.

Earlier this month, executives at the U.S. retail giant said they are “looking and exploring” for the right time for Flipkart’s initial public offering.