Invesco raises Swiggy valuation to $8.3 billion

MUMBAI: In a boost for Swiggy, its US-based investor Invesco has yet again marked up the startup’s valuation. Regulatory filings made with the US SEC showed that the asset manager valued the food delivery company at about $8.3 billion as of October 31, 2023. This is higher than the valuation of $7.8 billion that Inve sco had ascribed the Bengaluru-based firm in its earlier mark up at the end of July.
With this recent mark up, Invesco has raised the startup’s valuation for a second straight time.The firm held about 2% stake in Swiggy as of November 2023, data sourced from market research firm Tracxn showed. The valuation boost is a positive development for Swiggy which is understood to be preparing for public market debut. The latest valuation, is however, lower than the firm’s peak valuation of $10.7 billion at which it had raised $700 million from investors led by Invesco in January 2022.
Amid a funding winter and strict investor vigilance, Swiggy had faced valuation mark downs by investors last year with Invesco having slashed its valuation to $5.5 billion (as of January 2023).