BENGALURU: After slashing Swiggy’s valuation twice, US-based fund manager Invesco has now marked up the valuation of Swiggy from $5.5 billion to $7.85 billion. As per recently published disclosure, the fund manager increased the fair value of Swiggy.
This is about a 42% jump from its previous valuation. A few months ago, Baron Capital slashed the food delivery firm’s valuation by 34% to $7.3 billion. In 2022, Swiggy raised $700 million in a funding led by Invesco, and it turned a decacorn as valuation crossed $10.7 billion.The food delivery platform’s valuation is now closer to rival Zomato as the latter was valued in July at about $7.7 billion.
Swiggy turned profitable as of March 2023. Swiggy CEO and co-founder Sriharsha Majety in a blog post had said that it is still very early days in India’s journey of eating out and food delivery. “We are very sanguine about the growth potential over the next 2 decades. We will continue to make responsible and measured interventions to fuel further growth in food delivery.”
Meanwhile, Invesco, which holds 2% stake in Swiggy, reported preliminary month-end assets under management (AUM) of $1,487.3 billion, a decrease of 2.6% versus previous month-end. In FY22, Swiggy’s losses more than doubled at Rs 3,629 crore compared to Rs 1,612 crore in FY21. As per its filings with the Ministry of Corporate Affairs, Swiggy’s revenues spiked to Rs 6,120 crore from Rs 2,675.9 crore in the previous fiscal. Its revenues in FY20 stood at Rs 3,727.7 crore.