After Morgan Stanley and T Rowe Price, Flipkart’s investors Fidelity Rutland Square Trust II and Valic Co have now marked down the value of their holdings in the company by 20%.
Mutual fund Fidelity Rutland Square Trust II has marked the value of their shares at $82 per unit for the February ended quarter which is down by 21.1% from $103.97 per unit in August. In the previous quarter also, Fidelity had marked down its shares in the e-commerce company by 24%.
Valic Co has marked down their Flipkart shares at $98.19 per unit for the February ended quarter, down by 20.2% from $123.11 in August. Valic also had marked down its shares by 12% in the previous quarter.
Both the companies had invested in Flipkart in Series D in 2013 and together hold less than $6 million.The company’s last funding was raised at a valuation of $15 billion.
Flipkart has been looking to raise fresh funding since last year but the slowdown in funds and the consecutive markdowns has been creating constant hurdles for the company. With the new leadership, the company is shuffling its business priorities and trying to bring a sustainable model.[source]