Two of
Flipkart's mutual fund investors have further marked down the value of their holdings in the company by 20%. This comes at a time when
Flipkart is on the back foot in its ongoing fundraising negotiations with investors.
Fidelity Rutland Square Trust II, a mutual fund managed by
Fidelity Investments has marked the value of their
Flipkart shares at $82 per unit for the February ended quarter, down 21.1% from $103.97 per unit assigned to them at the end of November 2015.
Valic and Fidelity had picked up shares in
Flipkart as a part of its series D round of
funding in 2013, when the company had raised $360 million in two tranches.
Flipkart has been looking to shore up a new round of funding since late 2015 to maintain its leadership position in India against rival
Amazon who has infused at least Rs 6,700 crores since January 2015 into its India unit.
Image credit: Indiatimes
