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Factor Daily stated some friendly investors such as Tencent, Microsoft and Tiger Global might not cash out, while Softbank, which holds 20 percent stake, will exit, making $4 billion in the process. First, in 2014 when it sold $80 Mn worth Flipkart shares to undisclosed buyers and Second, in December 2015 when Accel Partners sold stakes worth $100 Mn to Qatar Investment Authority.

The comments are significant given that global retail giant Walmart is inching closer to sealing the deal to buy a majority stake in Flipkart for as much as $12 billion, even though rival Amazon is still jostling to turn the deal in its favour. The transaction was closed on April 27.

Investors who exited include names like Shekhar Kirani, Deep Nishar, IDG Ventures besides a large number of pension funds. The deal offered by the Jeff Bezos-run company proposed to merge Flipkart entirely with its Indian arm and sought a non-compete agreement with Flipkart's founders for 1-2 years.

It is seen as a more likely investor than Amazon. Now, however, with a sale of the company near, it needed to become a private entity in Singapore to avoid regulatory hurdles.

Walmart would maintain a focus on the grocery market, said the sources, suggesting that nearly 50% of Walmart's initial investment would be funneled into building a food and grocery supply chain.

US-based fund house Valic, which holds around 4,502 shares in Flipkart, and Vanguard World Fund, which has four lakh shares, have pegged the valuation of the e-commerce company between United States dollars 15 billion and USD 19 billion.

Walmart informed Flipkart it plans to sell shares in an initial public offer (IPO) in three years time.

Google parent company alphabet can take part in the deal along with Walmart.

The talks with Walmart for what could be its largest acquisition to date are still ongoing, and a deal is expected to be clinched soon, two people told Reuters on Wednesday.

Apart from a 60 percent stake, Amazon also offered Flipkart a breakup fee of U.S. $2 billion, the channel further said in its report.

India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here.