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Gupshup investor cuts value of its stake again, implying new valuation of $486M
Asset management firm Fidelity has slashed the estimated worth of its stake in business messaging platform Gupshup by another 7.7% last month, significantly lowering the value of its holding in the SaaS startup by over 65% since its investment in mid-2021.
According to a recent monthly disclosure, one of the funds operated by Fidelity valued its holding in Gupshup at $5.62 million as of November, down from $6.09 million in October. This latest valuation reduction implies that Gupshup’s value has decreased by more than two-thirds since the initial investment.
Initially, Fidelity had invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 as part of a funding round that valued the San Francisco-headquartered startup at $1.4 billion. However, with this latest valuation update, the asset manager now estimates Gupshup’s value to be significantly lower at $486 million.
Gupshup, which was founded 17 years ago in India, had raised $340 million in a funding round in 2021 from investors including Tiger Global, Think Investments, and Malabar Investments.
Source: techcrunch.com
