Indian web-only mass merchant and online marketplace operator Flipkart Ltd. on Saturday announced it raised another $700 million from investors, bringing its total 2014 funding to almost $2 billion. Qatar Investment Authority, Baillie Gifford, Greenoaks Capital, Steadview Capital and T Rowe Price Associates are new investors. Existing investors DST Global, GIC, ICONIQ Capital and Tiger Global, also participated in the funding round.

Having raised a total of $2.5 billion from numerous investors, the Indian e-commerce giant’s valuation is expected to be $11 billion or higher. “A Flipkart IPO is imminent,” says Ashish Jhalani, founder of Indian e-commerce research firm eTailing India. “The money invested has got so big that these investors can exit only through an IPO, which might happen over the next couple of years, as the process with multiple approvals might take 12-18 months.”

Flipkart is incorporated in Singapore and in a statement acknowledges that it has filed with Singapore’s Accounting and Corporate Regulatory Authority to convert into a public company. But it says it did so because now that it has more than 50 shareholders, it is required by law to do so. “This filing ensures are in compliance with the laws of Singapore and is no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.”

Flipkart, No. 122 in the 2013 Internet Retailer Asia 500 in July announced it had raised over $1 billion in venture capital, which it called the largest funding ever for an Indian e-commerce company. Also in July, Amazon, No. 4 in Internet Retailer Asia 500, announced plans to invest $2 billion in India. Amazon opened an Indian online marketplace in mid-2013. The retailer’s Indian marketplace site, Amazon.in, lets merchants sell products across an array of categories.

Flipkart in May acquired Myntra.com, another of the largest e-retailers in India. Myntra.com, No. 217 in the 2013 Internet Retailer Asia 500, was purchased in an all-stock deal but continues to operate under existing leadership.

Flipkart co-founders Sachin Bansal and Binny Bansal earlier in the year said they want the company to be India’s first $100 billion Internet company. According to eTailing India, the company is on pace to reach nearly $1 billion in 2014 web sales.