New Delhi, Feb 27 (ANI): Morgan Stanley has marked down the value of Flipkart’s shares by 27 percent to signal the global investors, who believe India’s largest internet company is overvalued.
The markdown comes even as mutual funds slash the value of some of Silicon Valley’s most high-profile startups like messaging app Snapchat and data-analysis company Palantir Technologies Inc.
Earlier, Flipkart had reported its valuation at USD 15.2 billion. A 27 percent fall in Flipkart’s share price would imply Flipkart’s valuation now to be around USD 11 billion.
Morgan Stanley in its regulatory filings with SEC reported that it had valued Flipkart stake at USD 58.93 million in December 2015, as compared to USD 80.62 million in June 2015.
Founded by Sachin Bansal and Binny Bansal, Flipkart is aiming to sells goods worth USD 12 billion in the year to March 2016.
Flipkart’s other key shareholders are New York-based investment firm Tiger Global Management, South African media giant Naspers among others.
The mark down by Morgan Stanley comes at a time when Flipkart has been in talks with investors to raise its funding. (ANI)