Flipkart’s valuation took another beating as a mutual fund managed by Morgan Stanley slashed the value of its Flipkart shares by 38.2%. The recent markdown pegged its valuation at $5.54 Bn. Morgan Stanley, as of September 2016, has marked the value of its Flipkart shares at $52.13 per share, as compared to $84.29 per share in June 2016. This is the fourth consecutive markdown by Morgan Stanley in the last nine months. Prior to this, Flipkart witnessed a series of markdowns from other mutual fund investors like T Rowe Price, Fidelity, and Valic over the past year.
This week 19 startups raised over $48 Mn in funding altogether. (Funding amount is based on the startups that disclosed their funding amounts.)
Startup Fundings Of The Week
Indofash: Bengaluru-based online fashion marketplace Indofash secured $150K (INR 1 Cr) from angel investors, Shekhar Sahu and Nitesh Pant. The startup will use the raised funds to scale up its international presence and for developing its technology further.
HandyTrain: Mobile-based SaaS platform HandyTrain raised around $1 Mn in funding from Silver Range Investments, Lumina Datamatics and Shun Yoshida, Managing Director, Merrill Lynch, Tokyo, and other angel investors. This is Yoshida’s maiden investment in India. The startup has also entered into a strategic partnership with Lumina Datamatics, a media company, to further increase the former’s reach to global clients as well.
Affordplan: Delhi-based Affordplan, a savings led platform for medical expenses raised $3 Mn (INR 20 Cr) as part of its Series A funding, led by Prime Venture Partners and Kalaari Capital as a co-investor. The startup plans to use these funds to expand the current team, build the network, and scale the business to new cities across India.