As per the latest media reports, Fidelity has cut its share in SaaS startup Gupshup by more than 20% in a month and by more than 50% since it first invested in the company.
At the end of June, the U.S. asset manager said that Gupshup was worth $8.08 million, which was less than the $10.15 million it was worth a month before. Gupshup began in India 17 years ago. In 2021, investors like Tiger Global, Think Investments and Malabar Investments gave the company $340 million.
Fidelity also increased its stakes in Reddit, Discord, the company that owns Twitter, X Holdings, and the Indian e-commerce site Meesho. In June, Gupshup said it would work with NPCI, Nokia, and Airtel Payments Bank to bring UPI payments to feature phones in India.
Last year, Gupshup bought OneDirect, a customer service tool that uses AI. Gupshup is the most popular conversational messaging app. It powers more than 7 billion texts every month and works in places like India, Latin America, Eastern Europe, Southeast Asia, the Middle East, and the US.