Gupshup out of unicorn club as Fidelity marks down fair value by 31.6%
Fidelity Central Investment Portfolio LLC, which holds 44,950 shares in Gupshup Inc, has slashed its valuation by 31.6% as of March 31, 2023, as per filings with the US Securities and Exchange Commission.
Fidelity Investments, an American multinational asset management company, has marked down the valuation of its holdings in the enterprise chat app , putting it out of the unicorn club, as per a report in Moneycontrol.
Fidelity Central Investment Portfolio LLC, which holds 44,950 shares in Gupshup Inc, the holding company of the Mumbai- and San Francisco-headquartered chat development platform, has slashed its valuation by 31.6% as of March 31, 2023, according to filings with the US Securities and Exchange Commission.
The valuation of Gupshup has been reduced to $957 million from its previous valuation of $1.4 billion. However, Neuberger Berman, another investor in Gupshup, has not made any changes to the company’s fair value, according to Moneycontrol.
This is the third major revaluation this week after asset manager BlackRock marked down BYJU’S fair value by 62% to $8.3 billion. Fidelity Investments had also cut down the fair value of social commerce platform Meesho by 10% earlier this week.
Founded in 2004 by Beerudh Seth, Gupshup is a conversational messaging platform that assists businesses in emerging markets to build conversational experiences. It offers messaging API, bot platform, conversational AI, integrations, and enterprise security.
The company caters to various industries, including e-logistics, retail, automotive, consumer electronics, and fintech. With primary operations in India and the United States, it is owned and operated by Webaroo Inc.
In April 2021, Gupshup raised $100 million in a Series F funding round from Tiger Global and achieved a valuation of $1.4 billion, joining the unicorn club.
(The feature image was updated)
Edited by Swetha Kannan
