Investor Penn cuts Flipkart’s valuation to $9.9 billion

By

Maverick Martins

Published
Mar 10, 2017

Flipkart valuation has been slashed again, this time by investor Penn Series Funds, part of the 170-year-old Penn Mutual Life Insurance Company. For the quarter ended December 2016, the Pennsylvania based Penn has reduced the value of Flipkart shares by 34.51% on a year-on-year basis, according to a Financial Express report.

The latest markdown of Flipkart by Penn comes after other marquee investors like Morgan Stanley, Vanguard, Valic and Fidelity giving the thumbs down to the Indian e-commerce giant.

Penn reduced the value of each share to $93.15 per share in the December quarter of 2016, as against $142.24 per share in the corresponding quarter of previous year. However, on a sequential quarter basis, the value of shares went down by 3.25% from $96.2 a share in the September quarter of 2016.

Currently, Penn holds 7,206 shares in the company valued at $6,71,238, according to the mutual fund’s latest filings with US market regulator, SEC.

This indicates the company’s valuation at around $9.9 billion. Penn Series Funds had invested in Flipkart since Series A through C, E, G and H.