SnapDeal has confirmed it raised $133.77 million in a fresh round of funding led by eBay. Existing investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital participated in this round of funding for SnapDeal, raising its stake in the company following an initial investment made in 2013.

This confirmation comes after reports were doing rounds earlier this week about SnapDeal looking to funding between $125 million to $175 million expected to be led by eBay Inc.

Senior Vice President and APAC Managing Director, eBay, Jay Lee, said, “Accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay’s global e-commerce leadership. eBay is excited about the prospects ahead for both SnapDeal and the eBay India business. We continue to invest in SnapDeal due to its complementary business model, good management team and strong brand.”

Latif Nathani, Managing Director, eBay India, said, “eBay’s partnership with SnapDeal will benefit Indian businesses of all sizes, consumers and local commerce.”

SnapDeal Co-founder and CEO Kunal Bahl, said, “We see eBay’s second round of investment in SnapDeal as an endorsement of our strategy and progress. All our current institutional investors have participated in this round as well which is a strong endorsement of our team.”