E-commerce major Flipkart has suffered another setback, as the US-based investment firm Vanguard Group, which has a stake in the company has marked down its value by as much as 25%.
Vanguard has reportedly lowered the value of its shares it bought on 30 September 2015 in Flipkart from $136.87 to $102.65 apiece. Based on this, the valuation of Flipkart would be around $11 billion.
Earlier, Morgan Stanley had markdown Flipkart's valuation from $15.2 billion to $9.3 billion.
Flipkart, however, has downplayed all such reports, and at a recent meeting with Karnataka industries minister R V Deshpande, chairman Sachin Bansal said that the company is well funded and doesn’t need to raise any money.