Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
ADVERTISEMENT
Advertise with us

Meesho, Pine Labs valuation up according to latest Fidelity report

The US-based asset management company has increased the fair value of its stake in Meesho and Pine Labs according to filings for July with the SEC.

Meesho, Pine Labs valuation up according to latest Fidelity report

Thursday August 31, 2023 , 2 min Read

US-based asset management company (AMC) Fidelity Investments has marked up the fair value of its investment in ecommerce platform Meesho and fintech company Pine Labs as per its latest filings dated July 31 with the US Securities and Exchange Commission (SEC). 

As per the filings, Fidelity valued its stake in Meesho at $43.24 million for the month of July 2023. This marks an increase of 5.41% month-on-month in the value of the ecommerce marketplace from its earlier fair value of $41.02 million in June, as per the AMC. 

This marks up Meesho’s valuation to nearly $5 billion, as compared to $4.9 billion as of September, 2021 when it raised $570 million led by Fidelity and B Capital Group. Fidelity had marked down Meesho’s valuation in April, 2023. 

The SoftBank backed value-commerce platform claimed that it turned profitable on a consolidated level for in July this year. Meesho had dialled down its marketing expenses and customer acquisition costs, apart from letting go of employees to control burn. 

Also Read
Advertising revenue to drive future growth for Meesho: CEO

The SEC filing by Fidelity also indicated that it marked up the fair value of its stake in Pine Labs by 4.6% month-on-month at $34.77 million as of July 31, 2023. Fidelity had marked down the company's valuation to $4.5 billion approximately as of this June. 

There was no change in the valuation of conversational messaging platform Gupshup, which was marked down from its unicorn status to be valued at $882 million, as per Fidelity’s calculations for June 2023. 


Edited by Kanishk Singh