New Delhi's Snapdeal could be valued at as much as $1 billion after it embarked on a $100 million round of funding to support ongoing growth.
The e-commerce site attracted $50 million (£30.29 million) of investment in June last year in a funding round led by eBay. The two firms have been sharing listing across their websites.
However, the latest round, led by Credit Suisse, would raise the valuation from around $250 milllion back in June to between $750 million to $1 billion, the Wall Street Journal said, quoting a source familiar with the matter.
Intel Capital, an existing investor, is also understood to be contributing to the current round and Bessemer Venture Partners and Nexus Venture Partners are also investors.
Snapdeal appears similar to eBay and operates on a cash-on-delivery basis - the norm for home delivery in India.
It has more than 20 million users and is preparing for a possible IPO in the US in the next year, the WSJ said. It is on course to reach $500 million sales in the year to March.
The Indian ecommerce market is expected to grow from $3 billion to $22 billion over the next five years, according to forecasts compiled by investment bank CLSA.
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