“Flipkart, the Indian ecommerce giant controlled by Walmart, is in talks to raise at least US$3 billion from investors including SoftBank Group and several sovereign wealth funds,” Bloomberg reported, citing people familiar with the matter.

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Flipkart aims to hit a valuation of about US$40 billion. It’s also in discussions with Singapore’s GIC, Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority for the fundraise.As part of the financing round, SoftBank will reportedly pour US$300 million to US$500 million into the ecommerce firm through its Vision Fund II. Flipkart is said to be eyeing investments in its supply chain and technology as it plans for potential acquisitions.