LiveMint reports that India-based online retailer Flipkart is holding discussions with investors such as Microsoft, eBay, PayPal and Tencent Holdings, to raise up to $1.5bn.
During the previous funding round, it was able to raise $700m from existing investors Tiger Global Management and Qatar Investment Authority.
Flipkart also owns fashion retailers Myntra and Jabong, as well as payments app PhonePe.
It initially intended to raise between $500m and $1bn, but it has now increased this amount.
The publication reported two investors seem to be interested in the latest round.
The discussions have developed under new CEO Kalyan Krishnamurthy, who previously served in a financial role in eBay.
These discussions may give the online retailer a $12bn pre-money valuation and be finalised within the next three months.
In the last six years, Flipkart has raised nearly $3.5bn.
This week, Flipkart and Microsoft signed a strategic partnership, which will see the former implement Microsoft Azure as its public cloud platform.