The Gupshup investor is reducing the value of his stake again, meaning a new valuation of $486 million

Asset manager Fidelity cut the estimated value of its stake in business messaging platform Gupshup by another 7.7% last month, reducing the value of its stake in the SaaS startup by more than 65% since its mid-2021 investment.

A fund managed by the US asset manager valued its stake in Gupshup at $5.62 million at the end of November, down from $6.09 million in October, according to a monthly filing.

Fidelity originally invested $16.2 million from its Blue Chip Growth Fund into Gupshup in mid-2021 in a funding round that valued the San Francisco-headquartered startup. In the amount of $1.4 billion.

According to Fidelity’s calculations, the asset manager now values ​​Gupshup at $486 million.

Gupshup, which began its journey in India 17 years ago, raised $340 million in 2021 from a group of investors, including Tiger Global, Think Investments and Malabar Investments.