Investor 360 One estimates that VerSe, the Indian tech and media startup that runs popular news aggregator Daily Hunt, is worth about 42% less than its last private valuation.
The asset manager disclosed a valuation of VerSe of $2.9 billion in an investor update in June, according to an internal document reviewed by TechCrunch.
The Bangalore-headquartered startup, whose backers include Ontario Teachers' Pension Plan, CPP Investments, Goldman Sachs, Google, Sofina and Peak XV, was valued at about $5 billion in an $805 million funding round announced in April 2022.
As previously reported by TechCrunch, in its update, 360One revealed that it has increased the valuation of NSE, India's largest exchange, to $29.9 billion.
360 One and VerSe declined to comment.
The valuation cuts are in line with an ongoing global trend of investors writing down the value of their holdings in startups. Asset manager Fidelity, for example, has written down the value of its stakes in X, Gapshub, and Discord.
Fidelity said Friday it now values its stake in Twitter predecessor X at about 27.94% of its original investment. At that new valuation, the social media company that Elon Musk acquired for $44 billion was worth $12.3 billion at the end of July. Similarly, Fidelity estimates that shares of SaaS startup GappShop are now worth about $541 million, down from $1.4 billion in 2021.
Indeed, VerSe has significantly improved its financial position over the past two years since raising funding at a $5 billion valuation: The startup recently acquired digital marketing company Valueleaf, which the company said will bring in an additional $100 million in revenue.
360 One's investor update also highlighted holdings of several other startups. Food delivery giant Swiggy is valued at $11.5 billion, up from $10.7 billion in its previous private funding round in early 2022. Merchant payments platform Pine Labs is valued at $4 billion in the report. Online meat and seafood retailer Licious is valued at $900 million and edtech company upGrad is valued at $1.9 billion, TechCrunch previously reported.