Walmart to raise $2-$3 bn for Flipkart at over $40 bn valuation: Report

Walmart Inc-backed Flipkart is considering raising $2 billion to $3 billion at a valuation of more than $40 billion to expand its product range in India and challenge rivals, Mint reported on Tuesday, citing two people with direct knowledge of the matter.

Walmart and Flipkart did not immediately respond to Reuters' requests for comment.