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Mutual Fund Investor Valic Marks Down Flipkart’s Valuation
Valic Co., the mutual fund investor based in America, has marked down the valuation of the ecommerce firm Flipkart to $ 7.9 billion from $ 11 billion. The markdown comes as a surprise because the ecommerce firm recently raised $ 3 billion from SoftBank, Tencent Holdings, Microsoft and eBay.
The trimming, according to sources, is an indication that some of the smaller investors of Flipkart are still divided over its previous valuation. Flipkart’s valuation was decreased to around $ 8.5 billion in the previous quarter by Valic and each share was priced at $ 88.11 for the quarter ending on 31 August 2017.
In the past 12 months, Flipkart has consolidated its position as India’s top online retailer. However, various fund investors such as Morgan Stanley, Fidelity Investments, Valic and Vanguard Group Inc., were still divided over its valuation. The latest fundraising round also saw a decrease in the valuation from its peak valuation of $ 15 billion. So far, Fidelity and Morgan Stanley have slashed Flipkart’s valuation five consecutive times. In January this year, US based mutual fund investor T. Rowe Price also reduced Flipkart’s valuation by 4% to about $ 9.9 billion.
However, Flipkart founders Sachin Bansal and Binny Bansal repeatedly dismissed these markdowns, calling them “theoretical exercises.” Speaking about the markdowns in an interview in December 2016, Sachin Bansal said, “We are not a public company, so we don’t release our numbers publicly. Any investor who has an opinion on our valuation outside, including who are already invested in us, they are doing it (markdowns) based on some public information. It’s a very uninformed opinion of somebody. So, I think it’s a theoretical exercise.”
While the markdown might not significantly damage Flipkart’s image much, the decrease in valuation suggests that some investors still feel that most of India’s large consumer internet startups are overvalued. Amazon and Flipkart have been engaged in a head to head battle for the prime market position in India’s ecommerce space, which is expected touch $ 200 billion mark by 2027.
The Centre is weighing the option of revoking X’s safe harbour status in India after its AI chatbot Grok was allegedly misused to generate and circulate obscene and sexually explicit content, including material seemingly involving minors. The IT Ministry has already issued a notice to X, directing the platform to remove unlawful content, fix Grok’s safeguards, act against violators, and submit a detailed compliance report within a tight deadline. If the government finds X’s response inadequate, it could argue that the platform has failed to meet due‑diligence standards under Indian law, opening the door to harsher action.
Under Section 79 of the IT Act, safe harbour protects intermediaries like X from being held directly liable for user‑generated content, provided they follow due‑diligence rules and promptly act on legal takedown orders. Revoking this protection would mean X and its officers could be exposed to criminal and civil liability for obscene, unlawful, or harmful content that remains on the platform, including AI‑generated images from Grok. This prospect significantly raises X’s compliance risk in India and could force tighter moderation, stricter AI controls, and more aggressive removal of flagged posts.
The Grok episode also spotlights the regulatory grey zone around generative AI, where tools can create harmful content at scale even without traditional user uploads. Policymakers are increasingly questioning whether AI outputs should still enjoy the same intermediary protections as conventional user posts, especially when they involve women and children. How the government ultimately proceeds against X over Grok misuse could set a precedent for AI accountability, platform responsibility, and safe harbour interpretation in India’s fast‑evolving digital ecosystem.
Home services startup Pronto is in advanced talks to raise about $25 million at a near-$100 million valuation, underscoring strong investor confidence in India’s fast-growing 10-minute home services market. This potential round would be the company’s third major funding milestone after its $2 million seed and $11 million Series A in 2025, backed by marquee investors such as General Catalyst, Glade Brook Capital, Bain Capital and new participant Epiq Capital. The fresh capital is expected to further strengthen Pronto’s positioning as a leading tech-led household help platform for urban consumers.
Pronto operates a 10-minute on-demand home-services platform that connects users with trained, background-verified workers for everyday tasks like sweeping, mopping, utensil cleaning, laundry and basic cooking. Using a hub-and-spoke, shift-based model, the startup stations workers at hyperlocal hubs, enabling sub-10-minute fulfilment and more predictable earnings compared to the informal domestic-help market. Founded in 2024 by Anjali Sardana and based in Delhi NCR, Pronto has already expanded from Gurugram into major cities such as New Delhi, Mumbai, Bengaluru and Pune, and is handling around 6,000 daily bookings with nearly 1,300 active professionals as of December 2025.
The upcoming $25 million fundraise is expected to be used to enter more metros, deepen presence in existing neighbourhoods with additional hubs and upgrade Pronto’s technology for smarter routing, shift planning and real-time operations. A significant portion of the capital will also go into training, retention and benefits for its workforce to maintain consistent service quality at scale, especially as competition heats up from rivals like Snabbit and Urban Company in the rapid home services space. This near-$100 million valuation not only validates Pronto’s model but also highlights a broader shift toward organised, tech-driven domestic-help solutions in India’s largely informal home-services market.
Bhavish Aggarwal has sold Ola Electric shares worth about ₹325 crore over three consecutive trading sessions, primarily to fully repay a promoter-level loan of ₹260 crore and release all pledged promoter shares. Despite the stake sale, he continues to hold a significant shareholding of over 34 percent in Ola Electric, and the company has clearly stated that there is no change in promoter control or his long-term commitment to the business. This one-time, limited monetisation at the promoter’s personal level is positioned as a structural clean-up rather than a signal of reduced confidence in the company.
The transactions, executed through open-market bulk deals, included an initial sale of about 2.6 crore shares worth roughly ₹92 crore at an average price of ₹34.99 per share, followed by additional trades of around ₹142 crore and ₹90 crore, taking the total sale value to approximately ₹324–325 crore. As a result, Aggarwal’s stake has fallen by a little over 2 percent, while all previously pledged promoter shares about 3.93 percent of Ola Electric’s equity are being released, removing the overhang and risk typically associated with pledged stock. The company has also clarified that these deals do not involve any capital raise or dilution by Ola Electric itself, which is important for investors tracking promoter stake and governance.
The share sale came at a time when Ola Electric’s stock had been under pressure, even hitting an all-time closing low amid concerns around growth, competition and heavy promoter selling. However, once the company confirmed that the stake sale was complete and all promoter-level pledges would be cleared, the stock rebounded sharply, gaining around 9–10 percent as markets welcomed the removal of this technical overhang. For investors, the focus is now expected to shift back to Ola Electric’s core fundamentals EV sales growth, margins, and market-share performance in India’s two-wheeler EV segment while the reduced promoter debt risk and continued high promoter holding offer some comfort on long-term alignment.
Paytm Grants ₹16.7 Crore ESOPs To Employees Under 2019 Stock Option Plan
Centre Mulls Revoking X’s Safe Harbour Over Grok Misuse
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