Snapdeal is looking $150-$200 million in a fresh round of funding, with the fund raising being led, once again, by eBay, reports the Times of India. Also in the fray is Japanese conglomerate Softbank: a $75 million investment which MediaNama reported as completed, in August this year. We believe that deal is done, while ToI reports that Softbank is still negotiating. It also suggests that this latest round of funding could value Snapdeal at $750 million.

This comes close on the heels of SnapDeal’s competing marketplace – Flipkart – raising $160M from Dragoneer Investment, Morgan Stanley Investment & others, to top up another recent $200 million fund raising. If the Snapdeal fund raising goes through, it will be in addition to the $50 million it raised recently from Ebay and others, taking its fund raising this year to around $250 million, and bringing eBay and SoftBank on board.

As of June 2013, Snapdeal claims to currently have more than 20 million registered users, with 14-15 million monthly active users, and from what we’ve heard, Snapdeal is currently clocking a gross turnover of more than Rs 100 crore a month.

This is all probably going to end with eBay buying Snapdeal, so we wonder what it’s waiting for – the valuation to increase? Snapdeal investors also include Intel Capital, Russian venture fund ru-Net, Saama Capital, Recruit Co, apart from Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners and a few angel investors.

Snapdeal has raised a total of $202 million investment until now, which includes 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.

Flipkart has, so far, raised a total $541 million from five rounds of funding, including a reported $150 million funding in August 2012, $20 million in June 2011, $10 million in June 2010 and $1 million in 2009. Naspers had invested 858 million rand (around $102.1 million) in Flipkart in return for 10% stake in the company in August 2012.

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.