Invesco marks up Swiggy’s valuation to $13.3 Bn

US-based asset manager Invesco has increased the value of its stake in Swiggy, assigning an implied valuation of approximately $13.3 billion to the food delivery and quick commerce startup.

In August, US investor Baron Capital valued the foodtech company at $14.74 billion as of June 2024, representing a decrease of nearly 2.6% from its previous estimate of $15.1 billion in March.

Invesco’s Developing Markets Fund has reported a valuation of $219.25 million for its 28,844 shares in Swiggy as of the end of July 2024. This marks a significant increase in value, considering the shares were originally purchased for $190.47 million.

In the last 12 months, Invesco has marked up its valuation of Swiggy for the fourth time. Invesco invested in Swiggy in early 2022, leading a $700 million round in the Bengaluru-based startup. The round valued the company at $10.7 billion.

This development follows Swiggy's submission of draft IPO documents, in which it aims to raise $450 million via a fresh issue. The Bengaluru-based firm is anticipated to target a valuation ranging from $10 billion to $13 billion when it goes public.

For the quarter ending June 2024 (Q1 FY25), Swiggy recorded Rs 3,222 crore in revenue from operations, 34.81% up from Rs 2,390 crore in Q1 FY24. Its losses went up only 8.3% to Rs 611 crore during the period.