In this paper, we propose an indoor visible light communication (VLC) system which makes use of Walsh precoding and multiple light-emitting diodes (LEDs) at the transmitter for multiplexing the data. The proposed VLC system is based on intensity modulation and uses the notion of spatial modulation for communicating the positive and negative values of the synthesized transmit signal using signal processing technique at the transmitter. We also illustrate the flexibility, ability, and easiness of the system to configure well in a multiuser environment. We have also developed a near-maximum likelihood (ML) detection technique for efficiently decoding the data bits at the receiver. The proposed near-ML reduces the search space involved in ML technique by using the initial ZF solution. The results of the simulation studies illustrate that the proposed technique offers a higher data rate and good bit error rate (BER) performance in indoor VLC environments.