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 , 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.
In April 2021, Gupshup raised $100 million in Series F funding from , 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, , and , Gupshup handles 10 billion messages per month across over 60 countries.
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