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. The company, with turnover forecast of 2,000 crore in 2014, will use the latest round of funding to grow the technology backbone for its business.

"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 percent of something that is worth nothing," he said.

Snapdeal has also roped in a number of wealthy angel investors, including the founders of US-based gourmet supermarket store Freshmarket. A report from Avendus, a market analyst, estimated Indian online retail to be worth more than Rs 8,000 crore in the 2013 fiscal, which is driving a lot of global investors to India.

Snapdeal was founded in 2010 by Kunal Bahl, a Wharton graduate along with his IIT Delhi batch mate Rohit Bansal.  Snapdeal started as a daily discount deals engine to an online marketplace, which later revamped its business model to become an online retailer itself.

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