Walmart’s Flipkart in talks to raise $3 billion from SoftBank and other wealth funds

Walmart Inc-owned Indian e-commerce firm Flipkart is in talks to raise at least $3 billion from investors including Japan’s SoftBank Group Corp and several sovereign wealth funds, Bloomberg News reports.

The startup is aiming for a valuation of about $40 billion 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 to $500 million of the total through its Vision Fund II, according to the report.

The Indian company is in the early stages of exploring going public in the United States through a deal with a blank-check firm, PageOne reported in March.