Beijing (PingWest)—Indian e-commerce firm Flipkart is looking at going public in the US through a merger with a blank-check company, Bloomberg reported on Thursday, citing people familiar with the matter.

The Walmart-backed e-tailer has reached out to several special purpose acquisition companies (SPACs) and could seek a valuation of at least $35 billion in a blank-check deal, the report said.

A SPAC is a shell company that raises money through an IPO to merge with another firm, allowing that business to list more quickly.

According to SPAC research, SPACs, which have mostly listed in the US, brought in a record $83.4 billion through IPOs last year, 

In 2018 Walmart bought a roughly 77% stake in Flipkart for $16 billion—the US giant’s largest-ever acquisition. In June, 2020, Walmart said it led another investment round in the startup for $1.2 billion, raising Flipkart’s valuation to $24.9 billion. Walmart’s stake in Flipkart increased after the investment round.

Amazon is also pushing aggressively to grow its business in India, investing billions of dollars to compete.