Gupshup Investor has cut its stock price again, implying a new value of $486M

Asset management firm Fidelity cut its stake in messaging platform Gupshup by 7.7% last month, slashing its valuation of the SaaS startup by more than 65% since it sold in mid-2021.

One of the funds used by the US treasurer put its value in Gupshup at $5.62 million at the end of November, down from $6.09 million in October, according to monthly disclosures.

Fidelity invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a fund that hailed the San Francisco-based startup. at $1.4 billion.

According to Fidelity’s calculations, the asset manager now values ​​Gupshup at $486 million.

Gupshup, which started its journey in India 17 years ago, raised $340 million in 2021 from investors, including Tiger Global, Think Investments and Malabar Investments.