Indian online fashion retailer Myntra, owned by e-commerce company Flipkart India Pvt. Ltd., is in advanced discussions to acquire a 5% stake in local outdoor and adventure products company Wildcraft India Pvt. Ltd., The Economic Times (India) reported Feb. 23, citing sources close to the matter.

One source told the newspaper that the potential deal would see Wildcraft products offered online exclusively on Flipkart's marketplaces, adding that the parties would also explore omnichannel strategies such as inventory integration.

Wildcraft specializes in products such as apparel, rucksacks, sleeping bags, tents and hiking accessories. The nearly 20-year-old company has more than 160 stores across India in addition to manufacturing facilities in the state of Himachal Pradesh and the city of Bengaluru, according to the report.

Myntra declined requests for comment by The Economic Times, while a Wildcraft spokesperson told the newspaper that the company was continually looking at fundraising options but had "nothing concrete to share."