Asset management firm Fidelity slashed the valuation of its stake in business messaging platform Gupshup by another 7.7% last month, downgrading its investment in the SaaS startup by a total of 65% from mid-2021.
One of the funds run by the US asset manager disclosed monthly that its holdings in Gupshup were worth $5.62 million at the end of November, down from $6.09 million in October.
Fidelity has invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding round that values the San Francisco-headquartered startup. $1.4 billion.
According to Fidelity's calculations, The asset manager now values Gupshup at $486 million.
Gupshup, which started its journey in India 17 years ago, is part of Tiger Global; It has raised $340 million by 2021 from investors including Think Investments and Malabar Investments.