Google is planning to get into the e-commerce business and its debut land could be India, reported Business Standard. The launch could come somewhere around Diwali, said the report.
While the American major was in talks about a possible investment in Flipkart, this move could make it a key player in the $38.5 billion industry, taking on both Flipkart and Amazon.
Google started having second thoughts (about investing in Flipkart) as it felt that the valuation that SoftBank Group, Tiger Global (investors in Flipkart) quoted was inflated.A source in Google to Business Standard
After its deal with Flipkart, Walmart announced that it would like some other global investors to now buy stake in the firm. After initial talks it is learnt that Google backed out after learning that some of Walmart’s shareholders were getting apprehensive about the $16-billion Flipkart deal.
Google is yet to respond to this speculation.
(With inputs from Business Standard)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)