The markup in valuation comes at a time when many investors have cut the value of their holdings in several Indian and overseas startups. Invesco has cut the value of its holding in Pine Labs, a merchants payments startup, implying a valuation of $3.3 billion, down from the peak $5.5 billion. Other investors, such as 360 One, have also cut the value of their holdings in startups like VerSe, Licious, and upGrad.