New Delhi, Jan 30 (SocialNews.XYZ) Global investment firm Fidelity has further marked down the value of its holding in social commerce platform Meesho, to $3.5 billion.
Fidelity had recently cut the valuation of Meesho to $4.1 billion from $5 billion, in a regulatory filing with the US' Securities and Exchange Commission (SEC).
According to TechCrunch, the latest valuation adjustment follows a secondary sale transaction late last year. That sale valued Meesho at $3.5 billion.
"Based on Fidelity filings, the number of shares held and the current number of total outstanding fully diluted shares, the valuation is assessed at $3.5 billion," a company spokesperson said in a statement.
"The increase in the number of outstanding shares, notably due to the ESOP pool expansion, could have contributed to this valuation shift," the spokesperson added.
Meesho has Meta, Peak XV, Prosus Ventures, B Capital, and SoftBank among its investors.
According to reports, its current gross merchandise value (GMV) run rate is over $5 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.
Source: IANS
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