Flipkart is engaging global and domestic banks to raise between $2 billion and $2.5 billion in a pre-IPO round.
Walmart, holding an 80% stake, holds the final veto power and is weighing the pros of capital against equity dilution.
The round is designed to set a higher valuation benchmark following its $36 billion valuation in early 2024.
The fresh capital will likely fuel Flipkart's rapid expansion into the cash-intensive quick commerce sector via Flipkart Minutes.
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