Walmart Inc-owned Indian e-commerce giant Flipkart is exploring going public in the United States through a deal with a blank cheque firm, although a traditional stock market listing is much more likely, people familiar with the matter said.

The talks for a deal with a special purpose acquisition company (SPAC) are at a very early stage and could fall apart as no plans have been finalised yet, said the people, who declined to be named as the information is confidential.

A growing number of Indian startups are considering the SPAC route to public markets as it involves less regulatory scrutiny and gives companies more certainty over the valuation that will be attained and the funds that will be raised.

India’s largest renewable energy firm ReNew Power last month struck a deal with a blank cheque company to go public in the United States, while SoftBank-backed online grocery startup Grofers has also held talks with SPACs.

At least a dozen more Indian tech and internet startups are expected to choose that route to the public markets over the next six to 12 months, investment bankers have told Reuters.

Reuters first reported in September that Bangalore-based Flipkart was preparing for an initial public offering overseas as early as 2021, which could value the firm at as much as $50 billion.

Flipkart has already started talks with investment banks for its listing plans, the sources said.

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

Bloomberg reported Flipkart’s latest plans earlier on Thursday.

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.

Flipkart, which is battling with e-commerce arch-rival Amazon.com Inc and Mukesh Ambani’s retail venture for market share in India, started operations in 2007 and now sells 80 million products on its platforms. Walmart acquired a majority stake in Flipkart in a $16 billion deal in 2018.

Earlier in the week, Flipkart said it plans to expand its grocery services to more than 70 cities in the next six months as the Walmart-owned company looks to cash in on the burgeoning e-grocery segment in the country.