Fidelity marks down conversational AI platform Gupshup’s valuation by 80% to $278 million

A fund run by financial services giant Fidelity Investments has slashed the valuation of conversational messaging software provider Gupshup by over 80% from its initial investment, as of January 31, 2026, according to a regulatory disclosure. The fund now pegs Gupshup’s valuation at $278 million — a steep markdown for the homegrown software startup.

Gupshup was valued at $1.4 billion when Fidelity first invested in the company back in 2021 through a secondary transaction. The asset manager has been steadily revising the value of its holding and had marked it down to $697 million as of July 2023.