Walmart-owned Flipkart is looking at the probabilities of going public in the US through a merger with a blank-check company, stated a Bloomberg report. Also, Flipkart is working on accelerating its listing process.

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Going by the report, the Bengaluru-headquartered e-commerce giant has been emphasising on a US initial public offering (IPO). Apart from this, it’s also eyeing at other alternatives now.

As per Bloomberg's sources, Flipkart's advisers have approached a few special purpose acquisition companies (SPACs). Bloomberg’s sources added that Flipkart could look for a valuation of at least $35 billion in a blank-check transaction. As per the sources, negotiations are at an early stage and Flipkart could still look for other options.

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To explore a US listing by means of SPAC deals, the e-commerce giant is becoming a part of other Indian firms such as online grocer Grofers. Talking about SPACs, they are shell companies that raise money from public investors aiming to acquire a business within two years.

Merging with SPACs will let Walmart take its India business to market at a faster pace than the typical IPO route. According to Utpal Oza, head of investment banking for India at Nomura Holdings Inc, almost 10 Indian firms are likely to go public through SPAC deals before the end of the year.

For last few years, Flipkart has been contesting with e-commerce arch-rival Amazon. Apart from this, Mukesh Ambani’s retail venture has also become its emerging competitor for market share in India. Flipkart began operations in 2007 and now sells 80 million products on its platforms. In 2018, Walmart acquired a majority stake in Flipkart in a $16 billion deal.

Also read: Flipkart to deploy over 25,000 EVs in supply chain

Last week, ReNew Power decided to merge with a US-listed special purpose acquisition company. The deal will offer India’s biggest renewable power manufacturer an enterprise value of $8 billion.