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Flipkart Investor Tiger Global Cuts Stake in Amazon

Flipkart Investor Tiger Global Cuts Stake in Amazon

By Press Trust of India | Updated: 18 May 2016 18:50 IST

Tiger Global Management, the largest investor in Indian e-commerce giant Flipkart, has reduced its stake in US rival Amazon by about two-third in the January-March 2016 quarter.

The hedge fund has cut its exposure to 1.04 million shares worth over $618 million (roughly Rs. 4,137 crores) as of March 31, 2016, from 3.19 million shares worth $2.16 billion (roughly Rs. 14,462 crores) in the December quarter, according to a filing at the US SEC.

The fund also entirely dissolved its stake in Snapdeal-backer Alibaba Group Holding.

Besides, it has brought down its stake in Chinese e-tailer JD.com (by about 25 percent) and Apple (over 46 percent). Tiger Global has taken stake in Zillow Group, which provides real estate and mortgage information, valued at about $23.6 million (roughly Rs. 158 crores) at the end of the quarter.

Over the past few months, Flipkart has also faced a series of markdowns from its investors.

A T Rowe Price-managed mutual fund had marked it down by 15 percent in April while Morgan Stanley-backed mutual fund had done so by 27 percent in February, according to reports.

Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.

The three firms have been aggressively spending billions of dollars on marketing, strengthening their supply chains and acquiring customers with predatory discounts.

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