More investors mark down Flipkart valuation by 20pc

Two of Flipkart’s mutual fund investors have marked down the value of their holdings in the company by 20 per cent.
Global investors in India’s largest e-commerce marketplace Flipkart are acknowledging the drop in the company’s value, which peaked at $15.2 billion in July last year.
Two US mutual funds — Valic Co 1 and Fidelity Rutland Square Trust II — who have minority stakes in Flipkart have marked down the value of their stocks in the company.
Fidelity Investments has marked the value of their Flipkart shares at $82 per unit for the February ended quarter, down 21.1 per cent from $103.97 per unit assigned to them at the end of November 2015.
Valic Co, on the other hand, has marked the value of their Flipkart shares at $98.19 per unit for the February ended quarter, down 20.2 per cent from $123.11 assigned to them at the end of November 2015.
The two companies had picked up shares in Flipkart as a part of its series D round of funding in 2013, when the e-marketplace had raised $360 million.
Both firms are following in the footsteps of mutual funds Morgan Stanley and T Rowe Price, which had marked down the value of their stake in Flipkart by 27 per cent and 15 per cent respectively. The latest exercise reinforces the fact that Flipkart’s value has eroded in the past few months from $15.2 billion, down to a little over $9 billion.