Indian online retailer Flipkart is considering going public in the U.S. by merging with a special purpose acquisition company (SPAC), according to a Bloomberg report. Walmart (NYSE: WMT), which owns more than three-quarters of the e-commerce company, said in a statement, "We have been clear that we support an IPO for Flipkart, but we have not made any decisions on timing, listing venue, or methodology." Flipkart is reportedly seeking a valuation of around $35 billion. Image source: Getty Images. Fight for the future Flipkart is the largest online retailer in India, but Amazon has made the country a focus for further investment and has been closing in on the Walmart-backed leader. With competition from Reliance Industries and Tata Group, the fight for market dominance is intensifying. Consulting firm Bain & Company estimates the e-commerce opportunity in India will be between $90 billion and $100 billion by 2025. During Walmart's fourth-quarter earnings conference call Flipkart CEO Kalyan Krishnamurthy said the company had "roughly 300 million customers shopping 150 million product listings across 80 categories." Like its parent, it recently launched a member loyalty program, called Flipkart+. A Flipkart IPO would likely prove popular because of its potential as a growth stock and going public via a SPAC would be a faster path than a traditional IPO. When Walmart acquired its stake in 2018 for $16 billion, it said it envisioned taking Flipkart public within four years. 10 stocks we like better than Walmart Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.Source