Unicorn · Enterprise Software & IT

Fidelity marks down Gupshup investment value

By Startup Enthusiast · 2 April 2026

What they do

Gupshup builds conversational AI tools for enterprise messaging on platforms like WhatsApp and SMS

Fidelity marked its $16.2M stake to $3.35M, implying a valuation of ~$280-300M

The company plans an IPO in 18-24 months after a reverse flip to India

Fidelity Investments has marked down the fair value of its Gupshup investment to $3.35 million.
This markdown represents an 80% decline from the company's peak valuation of over $1 billion.
The implied current valuation is approximately $280-300 million, down from previous estimates.
Prior valuations included $876 million in 2023 and $500 million in 2024.
Fidelity originally invested $16.2 million in mid-2021 via its Blue Chip Growth Fund.
Gupshup recently raised $60 million from Globespan Capital Partners and EvolutionX Debt Capital.
The startup is planning a reverse flip to India within the next two years.
An IPO is targeted for execution within 18-24 months from the report date.

Gupshup operates as a conversational AI startup headquartered in San Francisco.
Founded by Beerud Sheth in 2004, it focuses on enterprise communication solutions.
Its products include AI engagement tools for SMS, WhatsApp, and other chat platforms.
The company serves thousands of enterprises globally with its messaging infrastructure.
Gupshup India reported revenue of Rs 1,943 crore in FY25.
The Indian entity posted a profit of Rs 26 crore in FY25.

Fidelity Investments (existing) — Invested via Blue Chip Growth Fund in mid-2021.
Globespan Capital Partners (participated) — Recent investor in the $60M raise.
EvolutionX Debt Capital (participated) — Recent investor in the $60M raise.