Fidelity Increases Valuations for Meesho and Pine Labs

• ByStartupStory     |    September 1, 2023

Fidelity Investments, a US-based asset management company, has increased the fair value of its investments in Indian startups Meesho and Pine Labs, according to its latest filings with the US Securities and Exchange Commission (SEC) dated July 31. Fidelity’s stake in Meesho was valued at $43.24 million in July 2023, reflecting a 5.41% month-on-month increase from $41.02 million in June. This valuation adjustment puts Meesho’s value at nearly $5 billion, compared to $4.9 billion in September 2021 when it raised $570 million.

Fidelity had previously marked down Meesho’s valuation in April 2023. Meesho recently reported turning profitable on a consolidated level in July by reducing marketing expenses, customer acquisition costs, and workforce.

Fidelity also raised the fair value of its stake in Pine Labs by 4.6% to $34.77 million as of July 31, 2023. In contrast, Fidelity had previously marked down Pine Labs’ valuation to approximately $4.5 billion in June.

Conversational messaging platform Gupshup’s valuation remained unchanged in Fidelity’s filings, staying at $882 million in June 2023 after being downgraded from unicorn status.

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