India’s largest e-commerce firm Flipkart Internet Pvt. Ltd has sold a small stake to media firm Bennett, Coleman and Co. Ltd (BCCL) for cash and advertising space in the latter’s media properties, according to regulatory documents and one person familiar with the matter.

BCCL made a private placement offer of about Rs260 crore to buy a warrant for Class B equity shares in Flipkart, according to documents filed with the Registrar of Companies and Tofler, a company research platform.

BCCL invested Rs26 crore in Flipkart in December; the remaining amount will be paid when it converts the warrant into equity shares of Flipkart.

Flipkart has been hammered by valuation markdowns from five of its investors over the past year even as it is in the market to raise fresh funds. While people familiar with the fundraising have said a so-called down round (when investors purchase stock or convertible bonds from a company at a lower valuation than the preceding round) is certain for Flipkart, the deal with BCCL indicates the drop in its valuation may not be as steep as some investors and analysts predicted