BENGALURU: US-based asset management company Invesco has reportedly slashed Swiggy’s valuation from $10.7 billion to about $8 billion. Investors are now re-evaluating the valuations of various companies. Recently it was reported that Byju’s valuation was cut to $11.5 billion by BlackRock from $22 billion.
Meanwhile, Swiggy Instamart’s head Karthik Gurumurthy will step down from his role and the food delivery firm’s co-founder Phani Kishan Addepalli will take charge of the business. In a LinkedIn post, Gurumurthy said, “I plan to take a sabbatical now to come back afresh and build something, something which I have loved..."
"Live back and play back the memories of 2020 and 2021. Phani Kishan Addepalli is a great leader and our co-founder who will take this to the next orbit.” “Today it's a large business, almost a billion dollar business and is just humbled to see how big the business has grown to..,” he said.