E-commerce player Flipkart has raised $500-600 millionin a fresh financing round led by its existing investors and a new investor, at a pre-money valuation of $10 billion.

Tiger Global, South Africa's Naspers and Yuri Milner's DST Global, along with others, have pumped in $50-100 million each in the new round with a new investor chipping in a nominal amount, reports the Times of India. 

The fundraising was formalized at the company's recent board meet in Singapore, and an announcement could be made shortly.

According to a recent Times of India report, Flipkart was in the midst of raising fresh capital just three months after it closed a $1-billion raise, valuing it at $7 billion then.

Now, according to undisclosed sources close to the development, the latest move was part of Flipkart's regular fund-raising plans till it readies itself to go public on the US bourses in the next 36 months. The Times of India report also claims that the company could raise anywhere between $2 billion and $3 billion within this time frame. 

This would be the third fund-raise this year for the company.

"Although there was a lot of interest from new investors, Flipkart was not keen on raising more money at this point. This new round is largely being done by the large existing investors," reports the Times of India, citing a source. Not all of Flipkart’s early investors have participated in this new financing round. 

The latest fund-raise valuing Flipkart at over $10 billion catapults the online commerce biggie right up into the top tier of the world's most valued privately-held tech startups like Uber, Snapchat, Airbnb and Dropbox. With this, Flipkart would have raised around $2.3 billion in funding till date. 

Tiger Global, the Wall Street investment firm, a fervent backer of Indian internet startups, is the largest stakeholder in Flipkart, having invested about $700 million over the past four years.