Following months of rumors, Indian e-commerce giant Flipkart has confirmed that it has raised $1.4 billion in new funding at a post-money valuation of $11.6 billion to battle Amazon and Alibaba. The deal includes some big name strategic investors: China’s Tencent, eBay and Microsoft, which joint existing Flipkart backers that include Tiger Global, Naspers, Accel and DST Global.

The investment will also see Flipkart take control of eBay India, a second-tier e-commerce player in India, which will remain an independent e-commerce site. Separately eBay, which is a minor investor in rival Snapdeal, has inked an international deal with eBay to cross-promote products between the services.

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