MUMBAI: Qatar Investment Authority ( QIA ) has picked up a $150-million stake in India’s e-commerce poster boy Flipkart , which closed a $700-million fund-raising on Wednesday, sources directly involved with the matter said.QIA is the new investor buying into Flipkart, valued at around $11 billion, taking it among the top five privately held technology startups in the world. TOI had earlier reported that existing investors had committed $500-600 million in fresh financing.Middle East sovereign funds have been looking at India’s e-commerce sector for a while. QIA, the owner of Harrods department store in London, joins GIC of Singapore as another sovereign investor in Flipkart. Deutsche Bank advised QIA on the just concluded investment, said sources cited earlier.The investment in India’s e-commerce sector, which is projected to grow seven-fold to $22 billion by 2018, adds to QIA’s spree of acquisitions. QIA has investments in Tiffany, Barclays, Credit Suisse and a $1.2 billion stake in India’s biggest mobile phone carrier Bharti Airtel.A Flipkart spokesperson offered no comments at the time of going to press.This is Flipkart’s third fund-raise this calendar, taking the year’s total mop-up to $2 billion. The domestic e-commerce leader, which is battling Amazon in an intense marketplace rivalry, has projected a $4-billion revenue run rate by March next year.This year’s capital raising binge also makes Flipkart one of the most heavily funded startups. Founded in 2007 by Sachin Bansal and Binny Bansal, the Bengaluru-based company is being chased by private investors in anticipation of a huge initial public offering in the next three years.India’s rapidly expanding internet user base, estimated at 250 million currently, is fuelling interest of global investors in domestic e-commerce. Flipkart, Amazon and Snapdeal are burning significant cash to be at the forefront of an attractive growth story.