Fidelity, a prominent asset management firm, has further reduced the estimated value of its investment in the business messaging platform Gupshup by 7.7% last month. This adjustment represents a cumulative decline of more than 65% since the firm began investing in mid-2021.
As per a monthly disclosure, one of Fidelity’s funds appraised its stake in Gupshup at $5.62 million at the close of November, a decrease from $6.09 million in October.
Initially, Fidelity invested $16.2 million from its Blue Chip Growth Fund into Gupshup in mid-2021 during a funding round that assigned a valuation of $1.4 billion to the San Francisco-based startup.
Recent evaluations indicated that Fidelity now estimates Gupshup’s value at approximately $486 million.
Gupshup, which commenced operations in India 17 years ago, successfully secured $340 million in funding in 2021 from several investors, including Tiger Global, Think Investments, and Malabar Investments.