Ecommerce major Flipkart’s valuation took another beating as two of its mutual fund investors marked down the value of their holdings in the company. Mutual fund Valic marked down the valuation of Flipkart shares from $108.04 (May end quarter) to $95.84 (August end quarter), a decrease of 11.3%. On the other hand, Fidelity marked down the valuation of its Flipkart shares from $84.29 per share assigned to them at the end of May to $81.55 per share for the August-ended quarter.
In another major development, Softbank Group Corp marked down close to $555 Mn in two of its Indian investments, cab hailing firm Ola and ecommerce marketplace Snapdeal, as per its six monthly earnings report, ending September 2016. Around half the value of the reported mark-downs in its investment is due to the Japanese currency’s appreciation against others. The company stated a loss of $557 Mn from financial instruments for the six-month period ending 30 September 2016 compared to a gain of $1 Bn in the year-ago period.
This week 10 startups raised over $97 Mn in funding altogether. (Funding amount is based on the startups that disclosed their funding amounts.)
Startup Fundings Of The Week
iimjobs: Online job search platform for mid-to-senior level managers, iimjobs secured $2 Mn in its Series A round of funding led by India Quotient, Tracxn Labs and Calcutta Angels Network (CAN). The funding will be used to scale its product, engineering, and infrastructure. It will also be used to increase its sales’ reach.
Square Yards: Gurugram-based online to offline (O2O) real estate transaction player Square Yards raised $12 Mn investment from the private equity arm of Anil Ambani-led Reliance Group. The company will use the newly raised funding to strengthen its distribution network across Indian and global markets.
OnlineTyari: The Michael & Susan Dell Foundation made an equity investment of $2.1 Mn in mobile-first multilingual test preparation app OnlineTyari (OT). The startup will use the funding to expand its vernacular offering, widen exam coverage, and strengthen its technology and analytics engine.