US-based investment firm Fidelity cuts valuation of Pine Labs, Meesho

New Delhi, Jan 25 (SocialNews.XYZ) Global investment firm Fidelity has marked down the valuation of fintech unicorn Pine Labs and e-commerce company Meesho.

As per the regulatory filings with the US' Securities and Exchange Commission (SEC), Fidelity cut the valuation of Pine Labs to $3 billion from $4.7 billion and Meesho’s valuation to $4.1 billion from $5 billion.

The US-based Fidelity had earlier marked up the valuation of both companies in July 2023, according to reports. US-based investment company Invesco had recently revised the valuation of Pine Labs to $3.9 billion from $4.1 billion.

Fidelity invested around $42 million in Meesho’s Series F round in October 2021. In Pine Labs, Fidelity's latest round was in July 2021 when the Singapore-registered company raised $600 million.

Leading merchant commerce platform Pine Labs reached Rs 1,588 crore in revenue in the fiscal year ending March 2023, from Rs 1,017 crore in FY22 which is a 56.15 per cent growth. Pine Labs' losses decreased 12.3 per cent to Rs 227 crore in FY23 compared to Rs 259 crore in FY22, according to its consolidated financial statements filed in Singapore.

The Peak XV Partners-backed company has grown over two-fold in terms of operating scale in the last two fiscal years (It registered Rs 726 crore in revenue in FY21). Meanwhile, homegrown social commerce platform Meesho lowered its losses by 49 per cent to 1,675 crore in FY23 from Rs 3,251 crore in FY22.

The company's revenue from operations surged 77 per cent to Rs 5,735 crore in FY23 from Rs 3,232 crore in FY22, according to reports.

Source: IANS