Property management company Fidelity slashed the approximated worth of its stake in service messaging platform Gupshup by another 7.7% last month, reducing the worth of its holding in the SaaS start-up by an overall of more than 65% considering that its financial investment in mid-2021.
Among the funds run by the U.S. property supervisor valued its holding in Gupshup at $5.62 million at the end of November, below $6.09 million in October, according to a month-to-month disclosure.
Fidelity had actually initially invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a financing round that valued the San Francisco-headquartered start-up at $1.4 billion
According to Fidelity’s estimation, the possession supervisor now values Gupshup at $486 million.
Gupshup, which began its journey in India 17 years earlier, raised $340 million in 2021 from a clutch of financiers, consisting of Tiger Global, Think Investments and Malabar Investments.
