Fidelity joins Morgan Stanley, cuts Flipkart’s valuation to $6 billion

Nivedita Bhattacharjee, reporting for Tech in Asia;

A fund managed by US-based mutual fund giant Fidelity Investments has cut Flipkart’s valuation, pegging the company at around US$6 billion, filings with the US Securities and Exchange Commission showed.

This is the latest in a series of valuation markdowns that India’s biggest ecommerce company has seen over the past year. In November 2016, Morgan Stanley had pegged Flipkart’s valuation at US$6 billion, which is in sync with Fidelity’s latest assessment.