Ecommerce portal, Snapdeal has closed the investment around $50 million (Rs 280 crore) from venture capital firms like Intel Capital, Saama Capital, Russian venture fund, ru-Net and angel investors. The investment began earlier this year with eBay Inc investing in SnapDeal. The portal aims to use the latest round of funding to grow the technology for its business, reported Economic Times.

Early investors Bessemer Venture, Nexus Venture Partners and Indo-US Venture also participated in the investment along with a few angel investors.

“We split the investment into two parts. The first part was led by eBay and Japan's Recruit Co and this time we have three venture funds that have invested," said Kunal Bahl, cofounder of Snapdeal.com.

This is the largest institutional funding in India's e-commerce sector this year.

"eBay is now the lead investor in the company," said Bahl, who along with cofounder Rohit Bansal owned a majority share that has now been diluted. Bahl declined to discuss specifics of the promoters' ownership. "I would rather own a very small part of a billion-dollar company than 100% of something that is worth nothing," he said.

Snapdeal has now raised a total of $90 million (Rs 500 crore) in equity from the two strategic investors - eBay and Recruit Co - and six venture funds and other individual investors. Snapdeal has also roped in a number of wealthy angel investors, including the founders of US-based gourmet supermarket store Freshmarket.