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Mutual fund investor and research organisation Valic Co. has marked down the valuation of Flipkart to $7.9 Bn. This is when, the ecommerce giant has received massive funding from Softbank, Microsoft and Tencent in two rounds of funding.
Valic marked down the valuation to be $7.9 Bn against the $11.6 Bn valuation at which Flipkart raised funds in two rounds recently. Valic valued each Flipkart share at $88.11 against its previous figure of $94.27 in the previous quarter.
This comes as a surprise as the organisation has been on the funding spree and seems to have out-grown its competition, after its Big Billion Days and Diwali sale GMV numbers. Read How is Flipkart spending investor’s money?