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Fidelity deepens valuation cut for SaaS startup Gupshup

From TechCrunch

By Manish Singh

July 30, 2023

Fidelity deepens valuation cut for SaaS startup Gupshup

Fidelity has slashed the estimated worth of its holding in SaaS startup Gupshup by over 20% in a month and by more than 50% since the original investment in the latest brutal markdown across private markets.

The U.S. asset manager valued its holding in Gupshup at $8.08 million at the end of June, down from $10.15 million a month prior, according to a monthly disclosure. Fidelity originally invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding round that valued the business messaging services provider at $1.4 billio .

The business messaging platform, which started its journey in India 17 years ago, raised $340 million in 2021 from a clutch of investors including Tiger Global, Think Investments and Malabar Investments.

Fidelity slightly improved the value of its holdings in Reddit, Discord, Twitter-parent X Holdings and Indian e-commerce Meesho in the month of June, it disclosed in the filing.

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