BENGALURU: A Morgan Stanley mutual fund has marked down Flipkart’s valuation for a fifth time, pegging the worth of India’s largest ecommerce marketplace at about $5.37 billion as the company scouts for fresh financing. Flipkart was valued at $15.2 billion when it last raised $700 million from existing investors in July 2015.The mutual fund has assessed the value of its Flipkart shareholding to be $50.51 apiece as of December, down 3.1% from its September estimate of $52.13 apiece and 64.5% lower from its June 2015 estimate of $142.24 apiece, the fund’s filings show.The latest drop in Flipkart’s estimated valuation is mild compared with the Morgan Stanley fund’s 38.2% markdown in September. Several other mutual fund investors including T Rowe Price, Fidelity and Valic, too, have marked down Flipkart’s worth the past year. Flipkart has in the past defended itself against these markdowns, insisting that these are theoretical exercises and its valuation will be decided when it raises new financing.The online marketplace’s next fundraise is expected to be a down round, or at a lower valuation than during its previous fundraise. ET reported in January that Flipkart was in talks with US-based online marketplace eBay to raise about $800 million at a valuation of $10-12 billion.Flipkart has undergone several management changes since its 2015 fundraise. Cofounder Binny Bansal took over as chief executive from Sachin Bansal in January 2016, only to be replaced by Kalyan Krishnamurthy a year later.Krishnamurthy, the executive credited with the marketplace’s festival season success, was previously a managing director at Tiger Global Management, Flipkart’s largest investor. Flipkart recently said topline growth had returned, after sales growth had flatlined in 2015 and 2016.“In March, we will be in an extremely good growth momentum, going back to 40% year-on-year growth and then accelerating over the next year,” Binny Bansal said in an interview to ET in December.