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Fidelity slashes Gupshup's valuation to $500M

Fidelity, which holds a stake in Gupshup through multiple funds, acquired 709,497 preference shares of the firm in August 2021 for about $16 million.

Fidelity slashes Gupshup's valuation to $500M

Friday August 30, 2024 , 2 min Read

US-based Asset Management Company (AMC) Fidelity Investments on Friday marked down the fair value of its stake by more than half in the conversational messaging platform Gupshup, effectively valuing the company at about $500 million.

Fidelity Emerging Markets Equity Central Fund, which acquired a stake in Gupshup worth $1.02 million in August 2021, reduced the value of the stake to $365,893 as of June 2024, the company's latest filings with the Securities Exchange Commission (SEC) showed.

Fidelity, which holds a stake in Gupshup through multiple funds, acquired 709,497 preference shares of the firm in August 2021 for about $16 million and has now marked down its fair value as of June 2024.

Gupshup declined YourStory's request for a comment.

Last year, Fidelity Investments reduced the company’s valuation to $700 million.

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In April 2021, Gupshup raised $100 million in Series F funding from Tiger Global Management, achieving unicorn status. 

In the same year, the Mumbai-San Francisco firm also secured an additional $240 million from Fidelity Management and Research Company LLC, Tiger Global (through an additional investment), Think Investments, among others. 

Founded in 2004 by Beerud Sheth, Gupshup is a cloud-based conversational messaging platform that enables businesses to connect and engage with customers, through its range of services such as messaging APIs, conversational AI, integrations, a bot platform, and enterprise security.

It serves over 45,000 brands globally, including IDFC Bank, Flipkart, and Swiggy, Gupshup handles 10 billion messages per month across over 60 countries. 


Edited by Affirunisa Kankudti