Gupshup

Conversational messaging (SaaS)India

New to Unitard

✂️ Markdown

Peak $1.4 BillionToday

~-79%

from peak

🦄
Became a unicorn
2021
📈
Peak valuation
$1.4 Billion ’21
💔
Became a Unitard
2023
💸
Last valuation
~$294M

Current status

Fidelity marked its stake down repeatedly, implying a valuation around $300M — roughly 80% below its 2021 unicorn peak

The rise & fall

5 moments · 2004–2025

The key moments, with employee sentiment along the way.

2004

Founded in the SMS era

Beerud Sheth's messaging platform starts long before WhatsApp bots — and pivots into APIs that let businesses text their customers.

Wikipedia

2021

The peak: $1.4B in the conversational-AI boom$1.4B

Fidelity and Tiger Global back the chatbot-and-messaging API platform; a funding-fueled acquisition spree follows.

TechCrunch

2023–25

The write-downs come in stages

In public filings Fidelity marks its stake down again and again — implying ~$957M, then ~$486M, then roughly $300M, an ~80% markdown from peak.

Business Standard

2023

Marked out of the club

No press release, just paperwork: a Fidelity filing implies the valuation has slipped below $1B.

Inc42

2023–25

From the inside · Glassdoor reviews, 2023–25

Employee reviews from the markdown years described a long squeeze: the acquisition spree giving way to downsizing, layoff rounds recurring so regularly that staff spoke of them as routine, and raises and bonuses thinning while stock grants sat illiquid, waiting on an IPO that kept receding.

Today

Still private — the funds keep marking

Fidelity Emerging Markets Equity Central Fund marks it at $5.99/share · as of Jun 2026

SEC NPORT-P

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Gupshup is a conversational-messaging platform that helps businesses reach customers over SMS, WhatsApp and other channels via APIs and chatbots. It hit a $1.4B valuation in 2021 when Fidelity and Tiger Global backed the conversational-AI boom; as growth-stage valuations corrected, Fidelity wrote its stake down repeatedly in public filings — to an implied ~$957M, then ~$486M, then roughly $300M, an ~80% markdown from peak.

Mutual-fund markdowns

9 funds · SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak

+0%

Fidelity Emerging Markets Equity Central Fund

$5.99 → $5.99

as of Jun 2026

Fund	$/sh	From peak	As of
Fidelity Emerging Markets Equity Central Fund	$5.99	+0%	Jun 2026
VIP Balanced Portfolio	$5.99	+0%	Jun 2026
VIP Growth Opportunities Portfolio	$5.99	+0%	Jun 2026
Fidelity Advisor Growth Opportunities Fund	$6.39	—	May 2026
Fidelity Advisor Series Growth Opportunities Fund	$6.39	—	May 2026
Fidelity Balanced Fund	$6.39	—	May 2026
Fidelity Balanced K6 Fund	$6.39	—	May 2026
Fidelity Blue Chip Growth Fund	$6.31	—	Jul 2026
Fidelity Blue Chip Growth K6 Fund	$6.31	—	Jul 2026

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.

Source: TechCrunch / Business Standard / Inc42 (conversational-messaging/business-API SaaS company; valued at $1.4B when Fidelity and Tiger Global invested in 2021; Fidelity marked its stake down in stages — implying ~$957M, then ~$486M, then ~$300M — stripping unicorn status)