Invesco raises Swiggy’s valuation to $8.3 billion amid IPO buzz: Report
The valuation boost comes as Swiggy, backed by SoftBank, gears up for its upcoming initial public offering (IPO) later this year.
US-based global investment management firm Invesco has increased the valuation of online food delivery platform Swiggy to $8.3 billion from $7.85 billion in October, marking the second consecutive markup, according to regulatory filings.
The valuation boost comes as Swiggy, backed by SoftBank, gears up for its upcoming initial public offering (IPO) later this year. In September, the company resumed discussions with bankers for its IPO plans after a temporary halt due to market conditions.
Invesco, a minor shareholder in Swiggy with a 2 per cent ownership stake, valued its 28,844 shares in the company at $147.6 million as of October 2023.
The current valuation, however, remains below the previous figure of $10.7 billion that Swiggy attained during its fundraising in January 2022. Invesco had led Swiggy's last funding round in 2022, acquiring the stake for $190.5 million.
Swiggy, which announced its core food delivery business turned profitable in May, is targeting a listing between July and September. The platform's grocery delivery service, Instamart, is still incurring losses.
In contrast, rival Zomato reported improved financials, posting a profit for the second quarter ended September 30.
Zomato's shares experienced significant growth in 2023, more than doubling and rising 6.3 per cent in the early part of 2024.