Indian online retailer Flipkart has raised another $1 billion through a new round of funding.

The latest round was led by Tiger Global and Naspers, with the participation by Accel Partners, Morgan Stanley Investment Management, Sofina of Belgium and Singapore’s sovereign wealth fund GIC.

The fund will be used to develop the company into a “technology powerhouse” and fend off rivals from dominance, it says.

However, its rival, Amazon of the US, is also planning to strengthen its presence in India, having announced to invest a further $2 billion to expand its e-commerce operation.