Indian tech and media startup VerSe, which operates common information aggregator Dailyhunt, is price about 42% under its final non-public valuation, in keeping with estimates by its investor 360 One.
The wealth and asset supervisor disclosed in a June replace to its traders that it values VerSe at $2.9 billion, in keeping with an inside doc reviewed by TechCrunch. 360 One owns a 2% stake within the startup.
The Bengaluru-headquartered startup — which counts Ontario Teachers’ Pension Plan, CPP Investments, Goldman Sachs, Google, Sofina and Peak XV amongst its different backers — was valued at about $5 billion in a $805 million funding spherical it introduced in April 2022.
In the replace, 360 One additionally disclosed that it had marked up the valuation of NSE, India’s largest change, to $29.9 billion, TechCrunch beforehand reported.
360 One declined to remark.
“A really small shareholder marking their books at no matter degree doesn’t affect the valuation of 98% of the cap desk. No one else, together with our largest shareholders has marked our valuation otherwise from what it’s at 5B$,” a VerSe spokesperson mentioned in an announcement.
This downward valuation adjustment aligns with an ongoing international development: Investors are marking down the value of their startup holdings. For occasion, asset supervisor Fidelity has diminished the worth of its stakes in X, Gupshup and Discord.
Fidelity disclosed on Friday that it values its holding in X, previously Twitter, at roughly 27.94% of its authentic funding. This new valuation locations the Elon Musk-led social media firm, which he purchased for $44 billion, at $12.3 billion on the finish of July. Similarly, Fidelity estimates that Cloud Software startup Gupshup is now price about $541 million, down from its $1.4 billion valuation in 2021.
To make sure, VerSe has improved its financials considerably within the final two years since elevating funds at a $5 billion valuation. The startup lately acquired digital advertising and marketing agency Valueleaf, a transfer it mentioned would assist it achieve an extra $100 million in income.
The investor replace from 360 One additionally coated holdings in a number of different startups. It valued meals supply big Swiggy at $11.5 billion, up from its final non-public funding spherical in early 2022 at $10.7 billion. The report assigned a $4 billion valuation to Pine Labs, a service provider funds platform. Online meat and seafood retailer Licious was valued at $900 million, whereas edtech firm upGrad had a valuation of $1.9 billion ascribed to it, TechCrunch beforehand reported.
