Flipkart suffers yet another valuation markdown

Flipkart22Just when Flipkart Internet Pvt. Ltd was consolidating its position under the new CEO Kalyan Krishnamurthy, a fresh bout of valuation markdowns could prove to be a damper. More so, as the largest consumer internet company in India had experienced a tumultuous 2016. In fact, Macquarie Group-owned Optimum Fund’s decision to lower the value of […]

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Morgan Stanley trims Flipkart valuation to $5.39 bn

VCCircle_Flipkart8Indian e-commerce firm Flipkart has suffered its second markdown in as many months with a mutual fund managed by Morgan Stanley slashing the value of its stake in the company by 3%. According to filings with the US Securities and Exchange Commission (SEC), a Morgan Stanley fund lowered the value of the Flipkart shares it […]

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Flipkart-owned PhonePe in talks with PayPal to raise funds

PhonePeFlipkart-owned PhonePe is in talks to raise a significant amount of funding independently at a valuation of about $500 million as strategic investors line up for a slice of India’s booming e-payments market, a national daily reported on Wednesday, citing people aware of the development. A report in The Times of India said that PhonePe […]

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Fidelity slashes Flipkart’s valuation to $5.56 bn

FlipkartFidelity Rutland Square Trust II, the mutual fund managed by Fidelity Investments, has lowered the value of its investment in Flipkart by 36.1%, valuing the e-commerce marketplace at $5.56 billion, nearly a third of its peak valuation of $15.2 billion in 2015. According to filings with the US Securities and Exchange Commission (SEC), the American […]

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Digital lending platform ZestMoney raises $6.5 mn from PayU, others

For-Zestmoney-Story-TC_ThinkstockPhotos-170884639_feChalk Farm Ventures Pvt. Ltd, which runs consumer lending startup ZestMoney, has raised $6.5 million (Rs 44 crore) in a Series A round of funding led by Naspers-owned online payments firm PayU. Existing investors Ribbit Capital and Omidyar Network also participated in the round, a person directly aware of the deal told Techcircle on Wednesday. […]

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Flipkart suffers another markdown as Vanguard slashes stake value by 33%

VCCircle_Flipkart8A mutual fund managed by US-based investment firm Vanguard Group has marked down the value of its stake in Flipkart by 33%, joining another investor Morgan Stanley in cutting India’s largest e-commerce marketplace’s valuation to historically low figures. The fresh markdown by Vanguard values Flipkart at $7.34 billion while Morgan Stanley slashed the value of […]

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Markdown plagues Flipkart again as Morgan Stanley cuts valuation to $5.57 bn

For-Flipkart-Story-TC_Shah-JunaidA mutual fund managed by Morgan Stanley has marked down the value of its shares in Flipkart by 38.2% leaving India’s largest e-commerce marketplace’s valuation at $5.57 billion, nearly a third of its peak valuation of $15.2 billion last year. The fund has slashed the value of its Flipkart shares to $52.13 per share as […]

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PayU India names Maneesh Goel as CFO

Naspers-backed PayU India has appointed former CEO of Den Snapdeal TV-Shop Maneesh Goel as chief financial officer, it said in a statement. Previously, Goel has also served a CFO of iDiscoveri Education Pvt Ltd and Getit Infoservices Pvt Ltd (Askme.com). “His expertise in strategic planning, working capital and funds management, M&A activities and establishing automated […]

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Flipkart’s loss doubles in FY2015-16

FlipkartThe net loss of Flipkart Internet Pvt. Ltd, which operates e-commerce major Flipkart, doubled to Rs 2,306 crore in the financial year ended 31 March 2016, compared with Rs 1,096 crore in the year-ago period, according to filings with the Registrar of Companies. The company’s revenues rose to Rs 1,952 crore in FY2015-16 from Rs […]

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PayU’s finance head Gurpreet Singh quits

Naspers-backed PayU Payments Pvt. Ltd has seen another top level exit with the resignation of its finance head. Gurpreet Singh, vice president and head of finance at PayU India, has quit the digital payments firm to join HCL Technologies. While confirming the development to Techcircle.in, Singh said he will be a part of HCL Technologies’ […]

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