Walmart-owned Indian e-commerce firm Flipkart is in talks to raise at least $3 billion (roughly Rs. 21,850 crores) from investors including Japan’s SoftBank Group and several sovereign wealth funds, Bloomberg News reported on Monday.

The startup is aiming for a valuation of about $40 billion (roughly Rs. 2,91,130 crores) and is in talks with Singapore’s GIC Pte., Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority, the report said, citing people familiar with the matter.

SoftBank could invest $300 million (roughly Rs. 2,180 crores) to $500 million (roughly Rs. 3,640 crores) of the total through its Vision Fund II, according to the report.

Flipkart, SoftBank, and the Abu Dhabi Investment Authority did not immediately respond to Reuters requests for comment.

SoftBank sold its roughly 20 percent stake in the e-commerce firm to Walmart in 2018.

The Indian company is in the early stages of exploring going public in the United States through a deal with a blank-check firm, sources familiar with the matter told Reuters in March.

Reuters exclusively reported in September that Bengaluru-based Flipkart was preparing to go public overseas as early as 2021, which could value the firm at as much as $50 billion (roughly Rs. 3,63,920 crores).

© Thomson Reuters 2021