Asset administration agency Fidelity slashed the estimated value of its stake in enterprise messaging platform Gupshup by one other 7.7% final month, decreasing the worth of its holding within the Cloud Software startup by a complete of greater than 65% since its funding in mid-2021.
One of the funds operated by the U.S. asset supervisor valued its holding in Gupshup at $5.62 million on the finish of November, down from $6.09 million in October, in line with a month-to-month disclosure.
Fidelity had initially invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding spherical that valued the San Francisco-headquartered startup at $1.4 billion.
According to Fidelity’s calculation, the asset supervisor now values Gupshup at $486 million.
Gupshup, which began its journey in India 17 years in the past, raised $340 million in 2021 from a clutch of traders, together with Tiger Global, Think Investments and Malabar Investments.
