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Morgan Stanley trimmed its valuation of Indian ecommerce leader Flipkart by a further three percent on Tuesday, to about US$5.37 billion, regulatory filings showed.

In September, Morgan Stanley had slashed the value of its Flipkart shares by 38.2 percent, pegging the company at around US$6 billion. Morgan Stanley was later joined by Fidelity, T. Rowe Price, and others to take down valuation on the ecommerce company.

See: Fidelity joins Morgan Stanley, cuts Flipkart’s valuation to $6 billion

On Tuesday, a filing with the US Securities and Exchange Commission showed that the Morgan Stanley fund valued Flipkart Online Services at around US$50.51 per share, down from $52.13 a share during the September quarter. (H/t to The Economic Times for spotting this first.) The mutual fund currently holds 566,827 shares in the company.

The fresh markdown is a minor trim compared to that in September, but it comes amidst reports that the Bangalore-based online firm is looking to raise funds worth US$1.5 billion at a valuation of US$10-12 billion.

As India’s startups head towards maturity (Flipkart will be 10 this year, and Ola, seven), investors have started tightening their purse-strings and demanding returns. High valuations have made exit routes hard to get at.

On Monday, another Indian unicorn, Ola, which competes with Uber, raised US$330 million from existing investor SoftBank, but at a cost. The round knocked off more than 30 percent of its valuation to peg it at US$3.5 billion.

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