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Fidelity cuts Meta-backed Meesho valuation to $3.5 billion
February 2, 2024

Fidelity cuts Meta-backed Meesho valuation to $3.5 billion

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Fidelity has cut the value of its holding in Meesho by 33.6% since the original investment, giving the Indian social commerce startup a valuation of $3.25 billion. Adjusted for outstanding shares, Meesho said its valuation stands at $3.5 billion.

The U.S. asset manager valued its holding in Meesho at $27.8 million at December’s end, down from the $41.9 million that it invested in the second half of 2022 through a specific mutual fund unit. Fidelity made the disclosure about the markdown in its monthly disclosure on Monday afternoon.

At the same time, Fidelity has slightly marked up the value of its holding in Reddit, Gupshup and X, according to the monthly disclosure. All of these startups remain far below their original investment dollars.

Meesho — which counts Meta, Peak XV, Prosus Ventures, B Capital, and SoftBank among its backers — operates a social commerce startup and is among the fastest growing e-commerce startups in the country. Its current GMV run rate is over $5 billion, AllianceBernstein reported earlier this month. It’s also looking to expand into new areas — planning to build a financial services platform and scale its grocery delivery business, Indian daily Economic Times reported Tuesday.

Over 50% of Meesho’s sales come from Tier 2 and below cities, allowing it to effectively target a demographic largely overlooked by Flipkart and Amazon so far. Meesho’s strategic prioritization of small towns and focus on mass-market, value-conscious customer base is paying dividends, according to AllianceBernstein.


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