New Delhi: Meesho has become the latest Indian startup to get its valuation slashed by its investors. US based fidelity investment has cut the valuation of the Bengaluru-based e-commerce firm by nearly 10% to $4.4 billion, according to a recent regulatory filing with the US seconds Has shown.
Fidelity co-led Meesho’s $570 million funding round in September 2021 at a $4.9 billion valuation along with B Capital. Fidelity Central Investment PortfolioOne of the US-based firm’s affiliated funds has valued its shares in Meesho at about $2.3 million by March 31, 2023, down from $2.6 million, or 10% earlier, the filing showed.
“Funds attribute value to their portfolio investments by taking several factors into account. In this case, factors such as growth in ESOP (Employee Stock Option Plan) pool of about 4% in the applicable period has influenced the determination of the price,” said a Meesho spokesperson.
Fidelity co-led Meesho’s $570 million funding round in September 2021 at a $4.9 billion valuation along with B Capital. Fidelity Central Investment PortfolioOne of the US-based firm’s affiliated funds has valued its shares in Meesho at about $2.3 million by March 31, 2023, down from $2.6 million, or 10% earlier, the filing showed.
“Funds attribute value to their portfolio investments by taking several factors into account. In this case, factors such as growth in ESOP (Employee Stock Option Plan) pool of about 4% in the applicable period has influenced the determination of the price,” said a Meesho spokesperson.