US-based asset management company (AMC) Fidelity Investments has marked up the fair value of its investment in the ecommerce platform Meesho and fintech company Pine Labs as per its latest filings dated July 31 with the US Securities and Exchange Commission (SEC).
According to the filings, Fidelity valued its stake in Meesho at USD 43.24 million for the month of July 2023. This marks an increase of 5.41 per cent month-on-month in the value of the ecommerce marketplace from its earlier fair value of USD 41.02 million in June, as per the AMC.
This marks up Meesho’s valuation to nearly USD 5 billion, compared to USD 4.9 billion as of September 2021 when it raised USD 570 million led by Fidelity and B Capital Group. Fidelity had marked down Meesho’s valuation in April 2023.
The SoftBank-backed value-commerce platform claimed that it turned profitable on a consolidated level in July this year. Meesho had dialed down its marketing expenses and customer acquisition costs, apart from letting go of employees to control burn.
The SEC filing by Fidelity also indicated that it marked up the fair value of its stake in Pine Labs by 4.6 per cent month-on-month at USD 34.77 million as of July 31, 2023. Fidelity had marked down the company’s valuation to USD 4.5 billion approximately as of June.
There was no change in the valuation of the conversational messaging platform Gupshup, which was marked down from its unicorn status to be valued at USD 882 million, as per Fidelity’s calculations for June 2023.