Asset management firm Fidelity last month cut the estimated value of its stake in business messaging platform Gupushyap by a further 7.7%, reducing the value of its holding in the SaaS startup by more than 65% in total since its investment in mid-2021.
One of the funds managed by the U.S. asset management company valued its holdings in Gapshap at $5.62 million at the end of November, down from $6.09 million in October, according to monthly disclosures.
Fidelity originally invested $16.2 million from Gupshap's Blue Chip Growth Fund in mid-2021 in a funding round that valued the San Francisco-based startup at $1.4 billion.
According to Fidelity calculations, the asset management firm currently values Gupshap at $486 million.
Gupshup, which started operations in India 17 years ago, raised $340 million in 2021 from a group of investors including Tiger Global, Think Investments, and Malabar Investments.