US online marketplace eBay has invested an undisclosed amount in Indian e-commerce company Snapdeal.

“The partnership seeks to drive more consumer demand for eBay and Snapdeal merchants along with wider selection for India consumers in a rapidly growing market,” eBay said in a statement.

Market sources said the deal could worth US$30-50 million, including investments by a Japanese company.

With the new investment, Snapdeal, which boasts 20 million users, has raised US$102 million since 2010.

India’s e-commerce market is predicted to grow to US$1.8 billion by the year end.

“The growth of online shopping in India is at an exciting phase. We chose to partner with Snapdeal due to their complementary business model, good management team and strong brand,” said eBay Asia Pacific senior VP and MD Jay Lee.