New Delhi, March 11 -- Online retailer Flipkart Internet Pvt is set to start the formal process for banks to pitch for work on its potential initial public offering as soon as next month, according to people familiar with the matter.

The Walmart Inc.-backed e-commerce company has already held informal talks with investors and bankers to gauge appetite for a listing in Mumbai, the people said. An IPO could take place later this year or early 2027, they said, asking not to be identified because the information isn't public.

Deliberations are at an early stage and details such as timing may change, the people said. A Flipkart representative didn't respond to a request for comment.

If the IPO goes ahead, it is likely to include a secondary...