Mutual fund investor T Rowe Price has cut the valuation of India’s largest online retailer Flipkart marginally by another 4 per cent to about $9.9 billion.
The move comes after the other major mutual fund shareholder, Morgan Stanley , slashed valuation more aggressively by 38 per cent to $5.6 billion in November.
The latest move pegs Flipkart’s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter.
T Rowe Price had first invested in the Bengaluru-based in December 2014, when the e-tailer announced a $700 million round of funding which also participation from sovereign wealth fund Qatar Investment Authority and Hong Kong-based hedge fund Steadview Capital.
T Rowe marked the value of its Flipkart shares at $120.69 per unit, according to its filings made for March quarter, as compared to the value of $142.26 assigned to them at the end of December 2015.
The markdown had pegged Flipkart’s valuation close to $13 billion, as compared to the $15.2 billion when it last raised capital in July 2015.
The latest move pegs Flipkart's valuation per share at USD 93.15 at the end of December quarter, from USD 96.29 during the September quarter
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