Flipkart investor Variable Annuity Life Insurance Company has marked up the valuation of the e-commerce firm by 10%, bringing in some respite for India's top e-tailer. From $98.19 (Rs 6,566) at the end of February, Valic has upped the company's share value to $108.04 (Rs 7,224) for the last quarter, reported the Economic Times.
According to Livemint, Valic had marked down the value of its holdings for two consecutive quarters, by 20.2% and 12%, before this. Apart from Valic, Fidelity also marked Flipkart's value up by 3%. With this, Flipkart now values around $11.55 (Rs 77, 000 crore approximately) billion, higher than $10.5 billion earlier.
The Bengaluru-based company had been marked down by investors like Morgan Stanley, Vanguard and T Rowe Price in the last few months. The company, however, has always played down such moves by investors. In an earlier interview to Livemint, Chief Executive Officer Binny Bansal had said, “It’s (mark down) a global phenomenon; it’s not specific to Flipkart."