Baron Capital marks up Swiggy’s valuation to $15.1 Bn

US-based asset manager Baron Capital has marked up the valuation of Swiggy to $15.1 billion, according to regulatory filings with the US' Securities and Exchange Commission (SEC).

This is a nearly 25% jump in the company’s valuation from $12.1 billion estimated by Baron as of December 2023. Soon after Baron’s mark up, Swiggy’s early backer Invesco also increased its valuation to $12.7 billion in April.

The development was first reported by ET.

This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via confidential route in May.

Before filing IPO papers, Swiggy was pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. Entrackr exclusively reported the development.

Swiggy recorded Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and secondary pitch by the company in April. In FY23, its revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore.

Besides Swiggy, Pine Labs, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.

Swiggy’s arch rival Zomato is currently valued at $18.7 billion, as per stock exchange data. The latter recently hit a market cap of $21 billion. 

Meanwhile, Baron has marked down edtech company Byju's valuation to only $24 million as of March 2024. Earlier, BlackRock had already slashed the company's valuation to $1 billion from $22 billion in early 2022.