Indian e-commerce company Snapdeal is in talks with existing investor SoftBank Group Corp. about raising additional funds, Mint reported Jan. 25, citing people with knowledge of the matter.

The two companies are considering a valuation of $3 billion to $4 billion for the new round, but Snapdeal is also seeking new investors at a higher valuation, according to the report. The valuation reached $6.5 billion in the previous funding round.

SoftBank holds a stake of about 33% in Snapdeal, making it one of the top shareholders.

A Snapdeal spokesperson responded to a request for comment by saying the company was "not engaged in any active financing discussions," while SoftBank declined to respond.