An industry source said the funding was part of an overall $500 million the company is planning to raise, which will value Ola at around $5 billion.
Alibaba founder and executive chairman Jack Ma is this year's biggest financial gainer as the billionaire entrepreneur's fortune has swelled by a whopping $18.5 billion this year to $29.2 billion.
Snapdeal delivers to the Dharavi centre, where buyers pick up their orders.
Foreign money has been pouring into India's fast-growing e-commerce sector, with investors ranging from Japan's Softbank Corp to Singapore's Temasek Holdings.