US Investment Firm Fidelity Devalues Holding In Gupshup
NEW DELHI, (IANS) – Leading US investment firm Fidelity has reportedly slashed the estimated worth of its holding in the Indian conversational engagement platform Gupshup by over 20 percent in a month.
Fidelity has devalued its holdings in Gupshup by 50 percent since its initial investment, TechCrunch reported on July 31.
Fidelity had invested $16.2 million in Gupshup in mid-2021 in a round that valued it at $1.4 billion.
At June end, Fidelity valued its holding in Gupshup at $8.08 million, down from $10.15 million a month prior, the report mentioned. The business messaging platform had raised $340 million from investors such as Tiger Global.
The conversational engagement platform in June this year said it was bringing the convenience of UPI payments on feature phones.
Last year, Gupshup acquired One Direct, an AI-enabled customer service platform, for an undisclosed sum. Gupshup is the leading conversational messaging platform, powering over 7 billion messages per month.
It is present in regions like Latin America, Eastern Europe, Southeast Asia, and the Middle East.