Fidelity Investments slashes Flipkart’s valuation by 36 percent

US-based mutual fund giant Fidelity Investments has marked down the valuation of its holdings in Flipkart by over a third, marking the steepest valuation markdown of India’s most valuable Internet start-up.

Flipkart.com


 Fidelity Rutland Square Trust II, which invested in Flipkart in the Series D round it raised in 2013, has marked down the value of Flipkart’s shares by 36% to $52.13 per share as on November 30, 2016, according to regulatory documents filed with the US Securities and Exchange Commission as reported by the Mint.

Fidelity, which currently holds 52,096 shares in Flipkart, had valued its shares at $81.55 apiece during the three months ended 31 August.

The latest markdown from Fidelity values Flipkart at roughly $5.58 billion—similar to the $5.54-billion that Morgan Stanley last valued the Internet startup at.

In November, a mutual fund managed by Morgan Stanley drastically marked down the value of its holdings in Flipkart by about 38%, marking at least the fourth consecutive valuation markdown from Morgan Stanley in the course of nine months.

Earlier in January, another mutual fund investor, T. Rowe Price had also trimmed the valuation of its holding by 4% to about $9.9 billion.
 

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