Fidelity cuts fair value of Meesho, Pine Labs

Funds managed by financial services giant Fidelity have marked down the valuations of ecommerce marketplace Meesho and fintech firm Pine Labs, according to filings made with the US Securities and Exchange Commission.

As per the filings, Fidelity’s funds have set Meesho’s fair value at around $4.1 billion as on October 31, 2023, down from around $5 billion two months earlier. Meesho was valued at $4.9 billion after it raised $570 million in 2021.