Fidelity, an asset management firm, has reduced the estimated value of its stake in Gupshup, a business messaging platform, by 7.7% last month. This has resulted in a total decrease of more than 65% in the value of its holding in the SaaS startup since its investment in mid-2021.
In November, one of the funds managed by the U.S. asset manager valued its holding in Gupshup at $5.62 million, down from $6.09 million in October, as per a monthly disclosure.
Initially, Fidelity had invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 when the San Francisco-headquartered startup was valued at $1.4 billion.
Based on Fidelity’s latest calculation, the asset manager now values Gupshup at $486 million.
Gupshup, which began its journey in India 17 years ago, secured $340 million in funding in 2021 from various investors, including Tiger Global, Think Investments, and Malabar Investments.
