Invesco had participated in Swiggy’s $700 Mn funding round in January last year at a valuation of $10.7 Bn. Back then, the investor spent $190.47 Mn for a stake in the IPO-bound company
And now, Invesco’s Developing Markets Fund values its stake in the foodtech decacorn at approximately $219.25 Mn as of July 2024
Swiggy has filed an updated DRHP with market regulator SEBI to raise over INR 3,750 Cr via its IPO at a likely valuation of $15 Bn
US-based asset manager Invesco has raised the valuation of foodtech major Swiggy
to $13.3 Bn, a jump of almost 25% from the last fair value recorded by the investor.
Invesco had participated in Swiggy’s $700 Mn funding round in January last year at a valuation of $10.7 Bn. Back then, the investor spent $190.47 Mn for a stake in the IPO-bound company.
And now, Invesco’s Developing Markets Fund values its stake in the foodtech decacorn at approximately $219.25 Mn as of July 2024. The asset manager holds 28,844 shares of Swiggy, TechCrunch reported.
This is not the first time Invesco has revised its valuation of Swiggy. In July last year, it cut the valuation of the Bengaluru-based startup to $5.5 Bn when the food delivery market was facing a downturn.
At the end of April this year, it valued Swiggy at about $12.3 Bn. It should be noted that the foodtech major is eyeing a valuation of $15 Bn for its initial public offering.
On the other hand, its archrival Zomato was valued at about $7 Bn as per its IPO in 2021 and got listed at a valuation of $12 Bn. Its market capitalisation has zoomed since then and currently stands at INR 2.42 Lakh Cr (about $28.9 Bn).
(The story will be updated soon)
By Inc42 Media
Source: Inc42 Media