E-commerce major Flipkart is planning to list on the US stock markets by 2022. The US-retailer and majority stakeholder Walmart may use the initial public offer (IPO) to partially or fully exit the company, The Economic Times reported citing sources.

The report said the decision of Walmart looking to exit the firm comes after the retailer saw its profits and income from international business fall in the February-April quarter.

People in the know of the matter said Flipkart's core team focussed the discussions on the need to tighten compliance and achieve profitability over the next two years as it preparing to go public.

The decision, according to the report, was taken at a board meeting earlier in June, on the sidelines of the annual shareholders' conference of the US retailer.

Walmart paid $16 billion in 2018 to buy 77 percent stake in Flipkart.