Indian tech and media startup VerSe, which operates popular news aggregator Dailyhunt, is worth about 42% below its last private valuation, according to estimates by its investor 360 One.
The wealth and asset manager disclosed in a June update to its investors that it values VerSe at $2.9 billion, according to an internal document reviewed by TechCrunch.
The Bengaluru-headquartered startup — which counts Ontario Teachers’ Pension Plan, CPP Investments, Goldman Sachs, Google, Sofina and Peak XV among its other backers — was valued at about $5 billion in a $805 million funding round it announced in April 2022.
In the update, 360 One also disclosed that it had marked up the valuation of NSE , India’s largest exchange, to $29.9 billion, TechCrunch previously reported.
360 One and VerSe declined to comment.
This downward valuation adjustment aligns with an ongoing global trend: investors are marking down the worth of their startup holdings. For instance, asset manager Fidelity has reduced the value of its stakes in X , Gupshup , and Discord .
Fidelity disclosed on Friday that it values its holding in X, formerly Twitter, at approximately 27.94% of its original investment. This new valuation places the Elon Musk-led social media company, which he bought for $44 billion, at $12.3 billion at the end of July. Similarly, Fidelity estimates that SaaS startup Gupshup is now worth about $541 million, down from its $1.4 billion valuation in 2021.
To be sure, VerSe has improved its financials significantly in the last two years since raising funds at a $5 billion valuation. The startup recently acquired digital marketing firm Valueleaf , a move it said would help it gain an additional $100 million in revenue.
The investor update from 360 One also covered holdings in several other startups. It valued food delivery giant Swiggy at $11.5 billion, up from its last private funding round in early 2022 at $10.7 billion. The report assigned a $4 billion valuation to Pine Labs, a merchant payments platform. Online meat and seafood retailer Licious was valued at $900 million, while edtech company upGrad had a valuation of $1.9 billion ascribed to it, TechCrunch previously reported .