The valuation of homegrown e-commerce marketplace Meesho has been raised by about 14% by U.S.-based investor Fidelity Investments, reversing the 10% cut it made in the startup earlier this year.
Fidelity Investments invested in a Series F round in Meesho in October 2021. It had invested about $42 million in a $570 million round that valued the company at around $4.9 billion.
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According to Securities and Exchange Commission filings, the value of those has risen to $43.2 million as of August 2023 as compared with $37.8 million in April, a 14% uptick. The fair value markup translates to a slightly higher valuation of about $5 billion for the startup.
Meesho is backed by leading global investors, such as Prosus Ventures, SoftBank, and Facebook. The company reported profitability in July, overtaking giants Flipkart India Pvt. Ltd. and Amazon Inc.
The company said it was due to a 43% growth in orders and 54% growth in revenue in the last 12 months, without disclosing a profit figure.
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