IDG Ventures India, a venture capital firm affiliated with media and technology company International Data Group, has reduced its stake in India-based e-commerce company Flipkart, according to DealCurry.
IDG became a shareholder in May 2014 as part of Flipkart’s $300m acquisition of online fashion portal Myntra, in which it was an investor. The sale of IDG’s shares is estimated to have been worth Rs 9.4bn ($151m) leaving it with a 0.9% stake in Flipkart.
Venture capital firm Helion Venture Partners meanwhile exited its investment completely. The firm had held a 0.2% stake since Flipkart’s acquisition of Helion-backed Letsbuy in 2012 and sold its stock for about $25m.
The share sale puts Flipkart’s valuation at $12.5bn. The company has raised $2.4bn in funding, most recently closing a $700m series H round in December 2014, and is reportedly looking to raise a further $600m.
Flipkart’s investors also include internet company Naspers, Greenoaks Capital, Steadview Capital, Qatar Investment Authority, DST Global, Iconiq Capital, Tiger Global, GIC, Morgan Stanley, Sofina, and Accel Partners.