TOKYO -- India's leading online retailer Flipkart on Monday said it raised $3.6 billion from a group of investors in a deal that valued the Indian e-commerce company at $37.6 billion.

The funding round was led by Singaporean sovereign wealth fund GIC, Canada Pension Plan Investment Board, SoftBank Group's Vision Fund 2 and U.S. retailer Walmart, according to Flipkart. Tencent Holdings, Malaysia's Khazanah Nasional Berhad and other investors also participated.

The deal comes more than three years after Walmart acquired a 77% stake in Flipkart for $16 billion. It marks a return of SoftBank, which had sold its stake as part of the transaction, as an investor.

The rise in its valuation is a sign of strong investor appetite as some Indian tech companies, including food delivery company Zomato, gears up for a stock market debut. It also comes at a time when U.S. listed Chinese tech companies are under intense regulatory scrutiny.

"We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain," Flipkart CEO Kalyan Krishnamurthy said in a news release. It will focus on accelerating growth for millions of small and medium Indian businesses, including small mom-and-pop stores known as "kiranas," utilizing the funds raised.

The funding will likely intensify competition for dominance in India's e-commerce industry, as consumers and retailers flock online to cope with COVID-19 restrictions.

Flipkart said it has more than 350 million registered users and more than 300,000 registered sellers. The company also owns a major stake in payment app PhonePe.