New York based private equity company majorly focusing on private equity Warburg Pincus LLC has reduced its valuation of Chinese fintech company running China’s largest digital payment platform Ant Group by 15% to $191 billion.
This information was leaked by an insider source from Warburg who has direct access to knowledge on the matter. The source further added that there are no signs that the thwarted mega initial public offering (IPO) by Ant Group will be revisited anytime soon.
Warburg Pincus is a major investor in Ant Group during a financing round held by Ant Group back in 2018, the private equity firm was the largest investor.
The recent valuation covers the period ending September 30, 2021 however, it signifies a major decline compare the market valuation $224 billion Warburg accorded Ant Group at the end of June this year.
Ant Group has been facing regulatory hurdles in China leading to its botched IPO among other issues like ongoing restructuring in the Chinese fintech have resulted to the major decline in market valuation of the company.
