Snapdeal LogoSnapdeal has raised $100 million round from Singapore state-owned investment company Temasek Holdings, asset management firm BlackRock and others at a valuation of $1 billion, reports The Wall Street Journal.

Update: The investors in this financing include funds managed by Temasek, BlackRock Inc., Myriad, Premji Invest and Tybourne.

Snapdeal CEO Kunal Bahl told the publication that the company will use the money to grow Snapdeal’s 250-person engineering team and beef up its listings from small businesses. There were talks of the company planning a US IPO in a year, which conflicts with reports of a possible acquisition by eBay, one of the leading investors in the company.

Past investments: Overall, Snapdeal has raised over $300 million investment until now, which includes a $133.7 million investment in a round led by eBay earlier this year, a $50 million investment round from Ebay, Intel Capital, Russian venture fund ru-Net, Saama Capital, Recruit Co, existing investors like Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners in June 2013; a $40 million round from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners in July 2011; and a $12 million round from Nexus Venture Partners and Indo-US Venture Partners in Jan 2011.

Competition: Snapdeal’s competitor Flipkart has raised a total $541 million from five rounds. It raised $160 million investment from Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and existing investor Tiger Global in October 2013; $200 million from Naspers, Accel Partners, Tiger Global, and ICONIQ Capital in July and $150 million from Naspers and Tiger Global in 2012. Flipkart has acquired fashion retailer Myntra for an undisclosed amount and an official announcement on the same is expected later this week.

Amazon meanwhile, has been slowly adding verticals in India. It has also been lobbying US government to push FDI in e-commerce in India. It even started selling products earlier this week via its products comparison website Junglee.

Indian e-commerce is now a battle between three key marketplaces: Amazon India, Naspers backed Flipkart and eBay-backed Snapdeal. These are all marketplaces, though. Homeshop18, which claims to be the only e-commerce business with FDI approval, must be worried.