Close on the heels of Flipkart’s massive round of funding, Snapdeal looks to have raised $75 million in a round of funding from Japan-based Softbank.

MediaNama reports that the deal is done, though the company itself has not confirmed anything yet. Snapdeal didn’t confirm the deal and told the website, “There’s a lot of inbound investor interest given our growth trajectory, and there are ongoing discussions with investors.”

Another round of funding for Snapdeal

Another round of funding for Snapdeal

Flipkart, Snapdeal’s biggest Indian rival raised $200 million last month, which is the biggest fund raising yet by an Indian e-commerce company. Snapdeal reported having more than 20 million registered users in the quarter ending June, with a MAU count of 14-15 million. The company’s most recent funding comes after another $75 million round from investors in June of this year. Overall, Snapdeal has raised a total of $202 million which includes an investment of $40 million in July 2011, which followed a $12 million round from January of that year. In comparison, Flipkart has raised $381 million investment across five different rounds, a figure boosted greatly by the most recent funding.

Flipkart and Snapdeal both secured their funding after the entry of Amazon in India. The US-based company recently started selling computers and accessories on Amazon.in, after first launching with books and music, followed by smartphones and tablets. Snapdeal’s funding means the Indian e-commerce market has become a three-horse race, though several bit-part players and startups are trailing the trio.

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