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Gupshup Investor Cuts Value of Its Stake Again, Implies New Valuation of $486M
Asset management firm Fidelity has significantly reduced the estimated worth of its stake in business messaging platform Gupshup for the second time, indicating a substantial decline in the company’s valuation. According to a recent disclosure, Fidelity slashed the value of its holding in Gupshup by another 7.7% last month.
This latest move brings the total reduction in the estimated worth of Fidelity’s stake since its investment in mid-2021 to over 65%. The fund valued its holding in Gupshup at $5.62 million as of the end of November, down from $6.09 million in October.
It is noteworthy that Fidelity’s calculation now places the valuation of Gupshup at $486 million, a significant decrease from the $1.4 billion valuation achieved during its initial investment in mid-2021. The initial investment was made by one of the funds operated by Fidelity, which valued the company at $1.4 billion.
Gupshup, which started its journey 17 years ago in India, had raised a massive $340 million in 2021 from a group of investors, including Tiger Global, Think Investments, and Malabar Investments.
Source: techcrunch.com
