Vanguard Variable Insurance Funds, which invested in Flipkart in the series G and H rounds it raised in 2014, marked down the value of Flipkart shares by 33%, from $102.6 in March 2016 to $68.7 per share as on 30 September 2016, according to regulatory filings with the US Securities and Exchange Commission. This brings down Flipkart’s valuation to about $7.3 billion from the $11 billion that it was valued at by Vanguard in March.