NEW DELHI: Asset management company Invesco has marked up Swiggy’s valuation by 19% to $12.7 billion ahead of the foodtech company’s initial public offering (IPO), according to SEC filings made by the US AMC. Invesco holds 2% or 28,844 shares of Swiggy.
This is the third time in the past one year the US-based investor has raised Swiggy’s valuation. In January 2024, Invesco raised the Indian start-up’s valuation to $8.3 billion. The value of Invesco’s 28,844 shares in Swiggy were worth $147.63 million. Earlier, last year in October Invesco marked up the valuation of Swiggy from $5.5 billion to $7.85 billion.
Baron Capital Group had in March this year raised the valuation of the food-delivery platform to $12.1 billion, after slashing the valuation by 34% to $7.3 billion October last year. Baron Capital has invested in the company at a valuation of $10.7 billion in 2022. In 2022, Swiggy raised $700 million in a funding led by Invesco, and it turned a decacorn as valuation crossed over $10.7 billion.
Swiggy’s revenue from operations grew 44.9% to Rs 8,264.6 crore during 2022-23 compared to Rs 5,705 crore in the previous financial year. The company’s losses crossed Rs 4,000 crore during the period.
Swiggy is likely to file papers for a $1 billion Initial Public Offer (IPO) in the next few months. The company recently converted itself from a private limited company to a public limited company. According to Trancxn, funds own the majority of Swiggy’s shares, accounting for 87.47%, while founders hold 6.66%. Swiggy has so far raised $3.62 billion with the latest funding round (K Series) of $46.4 million in August 2023 from P R Venketrama Raja of the Ramco group. Major investors in the food delivery platform include Prosus, Tencent, Invesco and Baron Group.
Swiggy’s competitor Zomato, which is a listed entity, has a market cap of Rs 1.68 lakh crore or approximately $2 billion.