"This funding will enable us to step up our investments for innovations in products and technologies, setting us up to become the mobile e-commerce company of the future. This funding will help us further accelerate momentum and build our presence to become a technology powerhouse," he said.

On the company's IPO plans, Bansal said: "IPO is not in consideration at all, we are not thinking about it. We have not settled on a business model that we can take public."

In May, Flipkart had raised funding worth $210 million, bringing private equity firm DST Global on board as an investor.

It is estimated that the firm has, so far, raised over $1.7 billion from investors, including the current transaction.

The Bangalore-based firm counts Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital among its other investors.

The home-grown e-retailer had acquired online fashion retailer Myntra in May in what is estimated to be a 2,000-crore deal.

It had also announced an investment of $100 million (around 600 crore) in its fashion business over the next 12-18 months.

Flipkart, currently 14,000 people strong, has 22 million registered users clocking over 4 million daily visits. It delivers 5 million shipments per month, which the company claims is growing rapidly.

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