The Gupshup investor is again reducing the value of its stake, implying a new valuation of $486 million

Asset management firm Fidelity cut the estimated value of its stake in business messaging platform Gupshup by another 7.7% last month, reducing the value of its ownership in the SaaS startup by more than 65% since it invested in mid-2021.

One fund run by a US asset manager valued its holdings in Gupshup at $5.62 million at the end of November, down from $6.09 million in October, according to a monthly filing.

Fidelity originally invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021. At the level of 1.4 billion dollars.

The asset manager now values ​​Gupshup at $486 million, Fidelity estimates.

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