Invesco, an asset management company (AMC) which owns around 2% stake in Swiggy, has valued the initial public offering (IPO)-bound food tech major at $8.3 billion, regulatory filings by the US-based AMC show.
As per the filings, the valuation is as on October 31, 2023. At the end of that month, Invesco’s 28,844 shares in the Bengaluru-based Swiggy amounted to $147.6 billion; this, in turn, translates to a valuation of $8.3 billion.
Second straight rise in Swiggy’s valuation
Also, this is for the second consecutive time that Invesco has raised its figure regarding Swiggy’s worth. In July last year, the former found the food delivery platform to be worth $7.85 billion; the latest figure, therefore, marks a rise of nearly 6% from the previous one. Additionally, though the July 2023 valuation came after two back-to-back cuts, it represented a 43% increase from the previous worth.
The cuts
Last April, Invesco reduced its valuation of Swiggy to $8.8 billion, down from $10.7 billion, as tech stocks around the world took a beating. Shortly after that, the valuation dropped further to $5.5 billion, before being raised in July.
Still below peak valuation
The current figure, however, is still less than Invesco’s $10.7 billion valuation of Swiggy in January 2022, which came after the latter made $700 million in a round led by the AMC.
