Asset management company Invesco has marked up foodtech major Swiggy’s valuation to $8.3 billion. This is a back-to-back increase in valuation for the Bengaluru-based company in the past three months.
As per regulatory filings, the value of Invesco’s 28,844 shares in Swiggy were worth $147.63 million at the end of October 2023, which roughly translates to a valuation of $8.3 billion.
After slashing its valuation to $5.5 billion in May 2023, Invesco marked up Swiggy’s value to $7.85 billion in July and $8 billion in October. According to startup data intelligence platform TheKredible, the Atlanta-based investor owns 0.92% stake in Swiggy.
The Bengaluru-based firm reached the peak value of $10.7 billion and entered the decacorn club after a $700 million round in January 2022.
Swiggy has been planning for an initial public offering for quite some time. As per media reports, it is likely to pick seven investment banks for its planned IPO in 2024. The firm is also looking to become profitable ahead of the public listing. In May last year, Swiggy announced that its food delivery business has turned profitable. This was after factoring in all corporate costs; excluding employee stock option costs.
Meanwhile, the firm is also eyeing to touch profitability in grocery delivery service (Swiggy Instamart) by March 2024. Entrackr exclusively reported the development in September 2023.
Swiggy’s losses shot up 80% to $545 million FY23 mainly due to investment in its grocery business, according to the company’s major backer Prosus’ annual report. Looking at the company’s FY22 and FY23 (unaudited) results, the profitability seems distant. The company is yet to file its FY23 financial results.
Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also managed to mark up their valuation in the last quarter of 2023.
