Meesho's valuation cut 10% to $4.4 billion

NEW DELHI: 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 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 nearly $2.3 million as of March 31, 2023 down from $2.6 million or by 10% earlier, the filings showed.

"Funds attribute value to their portfolio investments taking into account multiple factors. In this case, factors like an increase in the ESOP (employee stock option plan) pool of nearly 4% in the applicable period have influenced the attribution of value," said a Meesho spokesperson.