Online marketplace, SnapDeal has raised $75 million from Softbank as per sources, reports Medianama. The company’s founders, Kunal Bahl and Rohit Bansal declined to comment on the development. However, a statement from SnapDeal stated that ‘There’s a lot of inbound investor interest given our growth trajectory, and there are ongoing discussions with investors.”

It is to be noted that SnapDeal’s rival Flipkart had also announced raising USD 200 million from its existing investors including Naspers, Accel and Tiger Global last month. The funding round was also touted as the single largest amount to ever be invested in an e-commerce company in India.

Presently, SnapDeal claims to have more than 20 million registered users, with 14-15 million monthly active users.

In June this year, Intel Corporation’s global investment arm, Intel Capital announced investment of USD 16 million in online marketplace SnapDeal and online health store Healthkart (run by Bright Lifecare). 

While SnapDeal had already raised $50 million Series C investment led by ecommerce giant eBay in April this year. The other investor participated in the investment were Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners.

Later in June this year, EBay inked a commercial partnership with SnapDeal to drive more consumer demand for both eBay and SnapDeal merchants. The logistics of the deal has not been disclosed.

Recently, SnapDeal has also acquired the assets of Shopo.in, an online marketplace for Indian designer and handcrafted products. Shopo’s investors included Sequoia Capital and Sashi Reddi, among other angels. Kunal has termed the acquisition as a move to expand its product offerings.