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Flipkart: Valuing a Venture Capital-funded Startup
內容大綱
The Indian online retail (“e-tailing”) market had seen a flurry of activity. Success stories such as Makemytrip.com and Naukri.com in the travel and job search domains, respectively, were significant catalysts for this new breed of start-ups. Of these start-ups, Flipkart stood out as one of the most successful (and audacious) — more so because of the funding the company managed to secure over a very short period of time as compared to its competitors. The firm was celebrated for its bold stance on growth versus profitability but simultaneously had its share of critics and skeptics. The latest round of venture capital funding had valued Flipkart at US$1.6 billion, nearly eight times sales. In less than two years, the firm had attracted nearly $550 million in venture capital funds and its sales turnover had grown nearly 30-fold. Was Flipkart growing too big too soon? Were these valuations justified?
學習目標
<ul></li>To demonstrate alternative techniques for valuing a firm.</li><li>To demonstrate the difference between valuing an established, listed company and a start-up.</li><li>To introduce the valuation philosophy of venture capital firms.</li><li>To help students look at qualitative aspects of a firm and its environment and integrate them into the valuation framework.</li></ul>