An Indian e-commerce site has received a $50 million funding, and may be negotiating for $40 million more.

Myntra, one of India's largest e-commerce sites, closed the funding last week from PremjilInvest, Sofina, Tiger Global, and Accel, according to numerous published reports. Myntra's funding comes on the heels of the company's widely reported rejection of an acquisition offer from competitor Flipkart. The Bangalore-based company has been in talks with L Capital Asia for an additional $40 million fundraising round, according to more recent published reports.

Myntra has positioned itself as the largest fashion and lifestyle e-commerce store in India, offering both domestic and international fashions. It offers over 500 Indian and worldwide brands, 24-hour-a-day customer support, cash-on-delivery options, and a 30-day return policy. Myntra has received best-in-class awards from Franchise India, IAMAI-India, the Images Group, and Puma India.