According to Reuters, Walmart could acquire a stake of 15% to 20% in Flipkart. In 2016, both Walmart and Flipkart signed a non-disclosure pact that was renewed last year.
Flipkart's value in India has been bolstered by $1.4b investment it received from Microsoft, eBay and Tencent last year.
Flipkart also managed to complete a merger with eBay, despite the prospect of a Snapdeal merger.
Flipkart is further reported to invest in food delivery app Swiggy, lifestyle services firm UrbanClap and online furniture seller UrbanLadder to further strengthen its position in the Indian market