US-based Fidelity Investments Slashes Meesho's Valuation By About 10% To $4.4bn: Report
Fidelity had co-led Meesho’s $570 million funding round along with B Capital in September 2021 at a valuation of USD 4.9 billion
Meesho has become the latest Indian startup to have its valuation marked down by its investors. US-based Fidelity Investments has cut the Bengaluru-based e-commerce firm’s valuation by about 10% to $4.4 billion, recent regulatory filings with the US Securities and Exchange Commission (SEC) showed.
Fidelity had co-led Meesho’s $570 million funding round along with B Capital in September 2021 at a valuation of $4.9 billion. Fidelity Central Investment Portfolios, one of the US-based firm’s affiliate funds has pegged the value of its shares in Meesho at $2.34 million as of March 31, 2023 down from $2.59 million or by 9.65% earlier, the filings showed.
Amid a global economic downturn that has nudged investors to assume a cautious posture and severely squeezed funding into startups, several unicorns like Swiggy, Byju’s and PharmEasy have of late seen a series of valuation markdowns by investors.
