The state investment firm ADQ is in talks to invest about $500 million in Walmart-controlled Indian e-commerce player Flipkart, in an injection that would value the latter between $35 billion and $40 billion ahead of an IPO that could take place as early as 2022, people familiar with the matter told Arabian Business.

Flipkart, which sells a wide range of goods including items from global brands like Levi’s and Converse, is currently seeking to raise at least $3 billion from the likes of SoftBank Group and Singapore’s GIC, Bloomberg News reported June 7. Arabian Business’ sources said that the firm could increase the amount to $3.75 billion due to strong interest among investors.

ADQ, formerly known as Abu Dhabi Development Holding Co., was established in 2018 and is estimated to be Abu Dhabi’s third largest state investor and therefore a significant player in the United Arab Emirates. The firm’s portfolio spans sectors from food and agriculture to pharmaceuticals and tourism; Flipkart could be its first major e-commerce investment.