Alphabet Inc.’s Google will invest about $350 million in Flipkart, an Indian online retailer controlled by Walmart Inc., according to people familiar with the matter.

The investment is part of an approximately $1 billion funding round that began late last year, the people said, asking not to be identified when discussing private details. Google’s investment was first reported by The Economic Times newspaper.

Flipkart confirmed the Google investment in a statement but did not disclose the amount. The Google investment is subject to antitrust and other regulatory approvals, it said.

The funding round was led by Walmart, which last year invested nearly $600 million in the homegrown e-commerce firm that competes with Amazon.com Inc. in India, the people said.

Flipkart was founded by two former Amazon engineers in 2007 and acquired by Walmart 11 years later in a $16 billion deal.

By Sankalp Phartiyal

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