US-based asset management company Invesco has marked up the valuation of food delivery platform Swiggy by 19% to $12.7 billion. This is the third-straight valuation markup by Invesco, and comes at a time when the unicorn is preparing to for an initial public offering, which may come later this year.
Last year, Invesco had marked up its valuation to $8.5 billion as of October 31, from $7.8 billion as of July. Prior to that, Invesco had slashed Swiggy’s valuation to $5.5 billion as of January 2023, from $8.2 billion as of October 2022.
Besides Invesco, another investor Baron Capital has also marked up the fair value of its stake in Swiggy last month, by nearly 17% to $87.2 million as of December 31, from $74.7 million in the previous quarter. This put Swiggy’s valuation at $12.1 billion, 13% higher than the $10.7 billion when it last raised funds in 2022.
Both Invesco and Baron Capital were a part of Swiggy’s last fundraising round of $700 million in January 2022, and hold stakes of around 2% each. Swiggy’s latest valuation of $12.7 billion still lags considerably behind that of listed rival Zomato’s at nearly $20 billion.
In February, Swiggy had changed its registered name from Bundl Technologies to Swiggy and as per latest Registrar of Companies filings, the company has converted itself into a public limited company ahead of its planned $1-billion IPO.
In FY23, Swiggy’s revenue from operations had grown about 45% to Rs 8,264.6 crore, compared to Rs 5,705 crore in the preceding year. Its losses also increased 15% to Rs 4,179 crore during the year, compared to Rs 3,629 crore in FY22.