Bengaluru-based Flipkart, which vies with players such as Amazon. com's local unit in India and India's Reliance Industries, will be aiming for a valuation in the $45-$50 billion range, according to one source with knowledge of the matter.
If achieved, that would mean Walmart would have more than doubled its investment.
Flipkart is likely to choose between Singapore, or the United States for the initial public offering (IPO), said two other sources, who asked not to be named as discussions are private.
Flipkart is incorporated in Singapore, but listing in the United States, where parent Walmart is headquartered, could give it access to a deeper pool of funds, one of the sources said.
Flipkart and Walmart did not respond to requests for comment.
The sources said the preparations and discussions have been largely internal for now, but the company is preparing to tap external advisers on the process soon.
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