Fidelity cuts valuation of Pine Labs, Meesho

New Delhi: Global investment firm Fidelity has marked down the valuation of fintech unicorn Pine Labs and e-commerce company Meesho.

As per the regulatory filings with the US Securities and Exchange Commission (SEC), Fidelity cut the valuation of Pine Labs to $3 billion from $4.7 billion and Meesho’s valuation to $4.1 billion from $5 billion.

The US-based Fidelity had earlier marked up the valuation of both companies in July 2023, according to reports. US-based investment company Invesco had recently revised the valuation of Pine Labs to $3.9 billion from $4.1 billion. Fidelity invested around $42 million in Meesho’s Series F round in October 2021.