BENGALURU: US asset manager Invesco has raised food delivery and quick commerce platform Swiggy's valuation to about $13.3 billion. In its disclosure with the US SEC (Securities Exchange Commission), Invesco's Developing Markets Fund said it valued 28,844 shares at $237 million as of July 2024. Invesco holds a 2% stake in the company.
In 2022, Swiggy, which recently filed its IPO papers, raised $700 million in a funding led by Invesco, and it turned a decacorn as valuation crossed over $10.7 billion.
In April this year, Invesco valued Swiggy at about $12.3 billion. In June 2024, asset management firm Baron Capital marked up the valuation of the firm at about $15.1 billion from $12.1 billion in December 2023. The Bengaluru-based company is planning to raise Rs 3,750 crore through a fresh issue of shares.
Swiggy's revenue from operation as of June 30, 2024 stood at Rs 3,222.217 crore compared to Rs 2,389.818 crore reported in the year-ago period.
Founded in 2014, Swiggy launched its quick commerce platform Instamart in August 2020. It operates in 43 cities delivering groceries and other essentials in 10-15 minutes.
Recently, the company said Swiggy Instamart plans to expand its service to more cities, deepening its presence in tier 2 and 3 markets. It also plans to expand its dark store network across existing and new cities.
Recently, UBS in a report estimated Swiggy's Instamart market share at 20-25%, behind Zomat0-owned Blinkit, which has a market share of 40-45%.
Swiggy plans to use over Rs 559 crore of the net proceeds out of Rs 982 crore towards investing in its material subsidiary, Scootsy, which will in turn be utilised for opening about 538 dark stores.
It has also earmarked Rs 929.50 crore for brand marketing and business promotion expenses for enhancing the brand awareness and visibility of its platform.
