Flipkart considers U.S. listing with SPAC merger

Flipkart may go public in the U.S. through a merger with a blank-check company as it seeks to quicken its listing process. The online retailer has been weighing a U.S. initial public offering and it’s now also looking at other options.

According to sources, Flipkart’s advisers have approached several SPACs. Flipkart could seek a valuation of at least $35 billion in a blank-check transaction. Deliberations are at an early stage and Flipkart could still explore other options.

The e-commerce firm is joining other Indian firms like online grocer Grofers in exploring a U.S. listing through SPAC deals. ReNew Power last week agreed to merge with a U.S.-listed special purpose acquisition company in a deal that will give India’s biggest renewable power producer an enterprise value of $8 billion. Merging with SPACs, which are shell companies that raise money from public investors intending to acquire a business within two years, will allow Walmart to take its India unit to market at a faster pace than the usual IPO route.