Fidelity has cut the value of its holding in Meesho by 33.6% since the original investment, giving the Indian social commerce startup a valuation of $3.5 billion, adjusted for outstanding shares. Fidelity had marked down the valuation of Meesho to $4.1 billion at the end of October. That sale valued Meesho at $3.5 billion, a factor that may have contributed to Fidelity’s assessment. In a statement to TechCrunch, a Meesho spokesperson said: “Funds attribute value to their portfolio investments, considering various factors such as the valuation of comparable companies. Based on Fidelity filings, the number of shares held and the current number of total outstanding fully diluted shares, the valuation is assessed at $3.5 billion.