NEW DELHI: US-based investment firm Invesco has slashed food delivery company Swiggy’s valuation to $5.5 billion. Earlier it had slashed the food delivery platform’s valuation from $10.7 billion to about $8 billion. This new valuation is about 31% lower than $8 billion.
In January last year, Swiggy raised $700 million in new funding led by Invesco, and it turned a decacorn as its valuation crossed over $10.7 billion. Investors are now reevaluating the valuations of various firms. Recently it was reported Byju’s valuation was cut to $11.5 billion by BlackRock from $22 billion.
Swiggy’s FY22 revenue stood at over `6,000 crore. Recently, it appointed three independent directors to its board. Mallika Srinivasan, Padma Shri awardee and Chairman and MD of TAFE, Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, and Sahil Barua, MD and CEO at Delhivery.