Asset administration agency Constancy decreased the estimated worth of its stake in enterprise messaging platform Gupshup by one other 7.7% final month, reducing the worth of its stake within the SaaS startup by greater than 65% as of complete since its funding in mid-2021.
One of many funds managed by the US asset supervisor valued its stake in Gupshup at $5.62 million on the finish of November, up from $6.09 million in October, in accordance with a month-to-month publication.
Constancy initially invested $16.2 million from its Blue Chip Development Fund in Gupshup in mid-2021 as a part of a funding spherical valuing the San Francisco-based startup. at $1.4 billion.
In line with Constancy calculations, the asset supervisor now values Gupshup at $486 million.
Gupshup, which started its journey in India 17 years in the past, raised $340 million in 2021 from a gaggle of traders together with Tiger International, Assume Investments and Malabar Investments.
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