Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is the second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn.
This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggy’s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firm’s valuation to $12.1 billion in March this year.
ET reported the development first citing US Securities and Exchange Commission filings.
The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackr’s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development.
Swiggy booked Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24.
For FY23, the company’s revenue and losses stood at Rs 8, 265 crore and Rs 4,179 crore, respectively.
Rival Zomato’s revenue from operations stood at Rs 8,552 crore during the first three quarters of FY24. The firm also booked Rs 178 crore profit during the period. Currently, Zomato’s market cap stands at $20.7 billion.
Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public this or early next year.
