Financial services firm Morgan Stanley has marked up the valuation of e-commerce giant Flipkart to $9.36 billion for the quarter ended September. It comes after Flipkart's valuation was marked down to $7.9 billion by mutual fund investor Valic in its latest quarterly report. Flipkart had raised $2.4 billion from Japan's SoftBank at a valuation of $11.6 billion, earlier in August.