BANGALORE: A day ahead of the announcement of merger of rivals Flipkart and Myntra, India’s e-commerce giant Snapdeal has raised $100 million in a new round of funding, reports Business Standard.

According to the market estimates, Snapdeal is valued at $1 billion (6,000 crore or 60 billion), slightly lesser than Flipkart’s $1.6 billion (9,600 crore or 96 billion).

All these years, Snapdeal Co-founders, Kunal Bahl and Rohit Bansal, have been the typical energetic entrepreneurs not cautious of changing business models. In a span of three years, they had crossed three different types of businesses and still not hit a home run. "But creating success was paramount for our venture," says Bahl, "which is what kept us going."

Today, this e-commerce giant will join hands with Singapore-based Temasek and Hong Kong’s Myriad, who are investing for the first time in Indian e-commerce.

Snapdeal, whose marketplace has been expanding rapidly now has a count of 25 million users, up from about 15 million a year ago, and has been experimenting with same-day delivery, among other initiatives. It registered about $500 million in revenue for its fiscal year ended in March, a spokesman said. And also, the company is expected to launch an initial public offering in the next two years.