Flipkart’s share value raised to $84.29 a piece by mutual fund

A mutual fund raised its valuation for Flipkart. Photo credit: filing to the United States SEC, the fund valued Flipkart’s stock (series D) at US$82 a share in February. In November 2015 it was pegged at US$103.97 per share. In August the same year, it was valued at US$135.8 per share by the mutual fund.

However in May, Fidelity’s fund said it owned 365 shares in the company for US$30,766, making each share worth US$84.29. That’s an increase of 2.7 percent over February.

Fidelity’s move comes as Flipkart has been battling a slew of problems on all fronts – from top leaders quitting, to slowing growth, to competition from Amazon, to a barrage of valuation cuts by other investors.

See: Flipkart has a new messiah, but the company needs to learn from history

The company has been working to get its business back on track via various channels.

CEO Binny Bansal recently announced Flipkart would not focus on gross merchandise value as a growth metric any more, picking customer satisfaction instead.

The company also said it would increase seller fees – a move that was immediately undercut by Amazon.

Amidst tough competition, Flipkart has still managed to retain its lead. It recently bought fashion rival Jabong, presumably to fight Amazon’s fashion department.

See: Flipkart just acquired Jabong. Here’s what it gets with the big buy

[H/T: The Indian Express].