Invesco raises Swiggy’s valuation to $8.3 billion

Swiggy aims at IPO: Invesco, the US-based asset management firm, has revised upwards the valuation of Swiggy, a food delivery platform, to $8.3 billion, according to recent regulatory filings. This adjustment marks a modest increase from the previous valuation of $7.85 billion recorded in October.

The valuation uplift coincides with Swiggy's aim for an initial public offering (IPO) later this year. Reuters previously indicated that discussions around Swiggy's IPO had resumed in September after a hiatus prompted by volatile market conditions.

Despite the recent valuation hike, Swiggy's current market worth remains shy of its earlier peak of $10.7 billion, which was achieved during a fundraising round in January 2022.

Invesco, holding a marginal 2 per cent stake in Swiggy, valued its 28,844 shares in the company at approximately $147.6 million as of October 2023. Notably, Invesco's investment during Swiggy's previous funding round in 2022 amounted to $190.5 million.

Earlier in June, Baron Capital, another investor in Swiggy, pegged the startup's fair value at $8.5 billion.

Swiggy is reportedly targeting a listing window between July and September. In a major development last May, the company disclosed that its core food delivery operations had achieved profitability, although its grocery delivery service, Instamart, continued to operate at a loss.

Concurrently, Swiggy's competitor, Zomato, showed better performance by reporting profits for the quarter ending September 30. Zomato's stock witnessed a remarkable performance in 2023, more than doubling in value, and has already marked a 6.3 per cent uptick this year.

(With Reuters inputs )