The company which was valued at USD 15.2 billion in May 2015, is now valued at USD 5.37 billion.
Country’s largest online marketplace Flipkart has again witnessed markdown in its valuation by Morgan Stanley. The company which was valued at USD 15.2 billion in May 2015, is now valued at USD 5.37 billion.
As per the filing with US Securities and Exchange Commission, the mutual fund has valued each share of Flipkart at USD 50.51 as of December 2016 compared to USD 52.13, at the end of September 2016.
The Bangalore-based company has faced series of markdowns in past one year. Minority stakeholder T. Rowe Price devalued the by 4 percent pegging it at USD 9.9 billion in January this year.
In December 2016, Vanguard Variable Insurance Funds also devalued its investment in the company by 33 percent bringing its valuation to about USD 7.3 billion. It was valued at by Vanguard at USD 11 billion in March 2016.
The development of Flipkart’s devaluation may dent its plans of raising fresh funds.
Earlier this month, multiple media outlets reported that Flipkart is in talks for raising funds from investors like Microsoft, eBay, PayPal and Tencent Holdings at a valuation of USD 10-12 billion.