Invesco marks up Swiggy’s valuation to $8

Invesco marks up Swiggy’s valuation to $8.3 billion

US-based asset management company Invesco has marked up Swiggy’s fair value for the second time in a row, taking the latest valuation of the food tech aggregator to $8.3 billion, according to a regulatory filing as on October 31, 2023.

According to tracxn data, Invesco holds a 2% stake in Swiggy, which was acquired at a cost of approximately $190.5 million. The total value of Invesco’s 28,844 shares in Swiggy stood at $147.6 million at the end of October 2023, reflecting a fair value of $8.3 billion.

Invesco had acquired a stake in Swiggy in January 2022, leading a $700 million funding round valuing the company at $10.7 billion. However, subsequently it slashed Swiggy’s valuation to $8 billion in September 2022 and further down to $5.5 billion by the end of April 2023.

Though Invesco has marked up the valuation for a second time in a row but at $8.3 billion it still continues to be lower than the $10 billion valuation in January 2022.

Swiggy reported a consolidated loss of Rs 3,629 crore in FY22, while its revenues stood at Rs 5,704.9 crore. Swiggy is gearing up for an initial public offering with an issue size of $1 billion.