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Fidelity has lowered its investment value of Meesho by 33.6%, pegging the Meta-backed social commerce giant’s valuation at US$3.5 billion, after adjusting for outstanding shares, TechCrunch reported.
This devaluation follows the secondary sale last year by Venture Highway, which let go of some of its Meesho stake to WestBridge Capital. The deal valued the startup at US$3.5 billion as well.
At the end of October last year, Fidelity marked down the valuation of Meesho to US$4.1 billion. The Indian startup had been valued at US$4.9 billion in its prior funding round.
Although Fidelity reduced its Meesho stake, it has raised investment values in other startups like Reddit, Gupshup, and X – though all were pegged lower than their original investment.
In the second quarter of 2023, Meesho emerged as India’s most downloaded ecommerce app, with 30.2 million downloads. However, Amazon had the highest number of monthly active users, totaling 357.1 million.
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Editing by Miguel Cordon and Jaclyn Tiu
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