news 
Gupshup Investor Cuts Value of Its Stake Again, Implying New Valuation of $486M
In a recent move, Fidelity has slashed the estimated worth of its stake in business messaging platform Gupshup by another 7.7%. This significant reduction brings the total value cut to over 65% since Fidelity’s initial investment in mid-2021.
According to a monthly disclosure, one of the funds operated by the U.S.-based asset manager valued its holding in Gupshup at $5.62 million as of November end. This amount represents a decrease from October’s valuation of $6.09 million.
As a result of this latest adjustment, Fidelity now estimates that Gupshup is worth $486 million. The initial investment made by the asset manager had valued the San Francisco-headquartered startup at $1.4 billion in mid-2021. This massive reduction in valuation highlights the significant challenges faced by the company.
Gupshup was founded 17 years ago in India and has since grown to become a prominent player in the business messaging space. The startup had previously raised $340 million in 2021 from investors such as Tiger Global, Think Investments, and Malabar Investments.
Please enter your email address
Source: techcrunch.com
