Indian online retailer Snapdeal is targeting more than $100 million in funding from both new and existing investors, Reuters reported April 4, citing comments by Snapdeal CFO Anup Vikal.

Vikal said the amount was what was needed "until we start being independent," according to the report.

He added that Japan's SoftBank Group Corp., Snapdeal's biggest investor, was willing to take part in the funding round in addition to other existing shareholders.

SoftBank, however, declined to comment on the matter.