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Fidelity has edit out the economic value of its keeping in Meesho by 33.6 % since the original investing , founder the Indian social commerce startup a valuation of $ 3.25 billion . Adjusted for outstanding shares , Meesho said its valuation stand at $ 3.5 billion .
The U.S. plus handler valued its property in Meesho at $ 27.8 million at December ’s end , down from the $ 41.9 million that it adorn in the 2nd half of 2022 through a specific common investment company unit of measurement . Fidelity made the revelation about the markdown in its monthly revelation on Monday good afternoon .
Fidelity had marked down the valuation of Meesho to $ 4.1 billion at the oddment of October . The inauguration wasvalued at $ 4.9 billion in its old backing . The valuation adjustment be a subaltern sales agreement dealing recently last class when former backer Venture Highwaysold some of its equity in Meesho to WestBridge Capital , TechCrunch first describe . That cut-rate sale value Meesho at $ 3.5 billion , a factor that may have contributed to Fidelity ’s judgment .
In a statement to TechCrunch , a Meesho spokesperson say : “ Funds ascribe economic value to their portfolio investments , weigh various factors such as the valuation of like companies . Based on Fidelity filing , the telephone number of ploughshare hold and the current number of full outstanding fully diluted shares , the evaluation is assessed at $ 3.5 billion . The increase in the number of outstanding shares , notably due to the ESOP pool enlargement , could have kick in to this rating shift . ”
At the same time , Fidelity has slightly grade up the value of its keeping in Reddit , Gupshup and X , according to the monthly revelation . All of these startups remain far below their original investment dollars .
Meesho — which counts Meta , Peak XV , Prosus Ventures , B Capital , and SoftBank among its backer — operates a societal commerce startup and is among the fastest growing e - commerce inauguration in the country . Itscurrent GMV run pace is over $ 5 billion , AllianceBernstein report to begin with this month . It ’s also looking to blow up into new country — planning to ramp up a fiscal services platform and scale its grocery delivery business , Native American daily Economic Timesreported Tuesday .
Over 50 % of Meesho ’s sales come from Tier 2 and below city , permit it to effectively target a demographic mostly overlook by Flipkart and Amazon so far . Meesho ’s strategic prioritization of small townspeople and concenter on mass - grocery , note value - witting customer base is devote dividends , accord to AllianceBernstein .
