Fidelity has slashed the estimated worth of its holding in SaaS startup Gupshup by over 20% in a month and by more than 50% since the original investment in the latest brutal markdown across private markets.

The U.S. asset manager valued its holding in Gupshup at $8.08 million at the end of June, down from $10.15 million a month prior, according to a monthly disclosure. Fidelity originally invested $16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding round that valued the business messaging services provider at $1.4 billion.

The business messaging platform, 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.

Fidelity slightly improved the value of its holdings in Reddit, Discord, Twitter-parent X Holdings and Indian e-commerce Meesho in the month of June, it disclosed in the filing.