Asset management firm Fidelity slashed the estimated worth of its stake in business messaging platform Gupshup by another 7.7% last month, lowering the value of its holding in the SaaS startup by a total of more than 65% since its investment in mid-2021.

One of the funds operated by the U.S. asset manager valued its holding in Gupshup at $5.62 million at the end of November, down from $6.09 million in October, according to a monthly disclosure.

Fidelity had originally invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding round that valued the San Francisco-headquartered startup at $1.4 billion.

According to Fidelity’s calculation, the asset manager now values Gupshup at $486 million.

Gupshup, which started its journey in India 17 years ago, raised $340 million in 2021 from a clutch of investors, including Tiger Global, Think Investments and Malabar Investments.