Baillie Gifford funds cut VerSe holdings value by up to 80%
In short
Two Baillie Gifford funds cut the value of their VerSe Innovation holdings by up to 80%. VerSe owns Dailyhunt and short-video app Josh.
This suggests the investment is now valued much lower in those funds. The reporting does not say why the markdown happened or how big the stake is.
What the reporting says
Two Baillie Gifford-managed funds have cut the value of their holdings in VerSe Innovation by up to 80%, according to the publisher summary. VerSe is the parent of Dailyhunt and Josh. The immediate consequence is a steep markdown in the funds’ valuation of the investment, while the reporting snippet does not state the size of the stake, the reason for the cut or whether it was made by one fund or both.
Why it matters
Two Baillie Gifford-managed funds reduced the reported value of their VerSe Innovation holdings by up to 80%. VerSe is the parent of Dailyhunt and Josh, so the markdown affects the paper value of an Indian consumer-internet investment. The available reporting does not explain the reason for the cut or provide the stake size, leaving the driver of the valuation change unknown.