Invesco marks up Swiggy valuation to $7.85 billion

Invesco marks up Swiggy valuation to $7.85 billion

Invesco, a US-based fund manager, which had slashed the valuation of Swiggy twice in four months, has finally pushed up the fair value of the food and grocery delivery platform. According to newly-published US regulatory disclosure, Invesco has valued the company at $7.85 billion, an increase from $5.5 billion previously, as of July 31, 2023.

While the latest move represents a 42% increase from what Invesco had last valued Swiggy at, the startup’s valuation is still 30% lower than what it was in January 2022.When Invesco led the $700-million fundraise in Swiggy in January last year, it valued the food tech platform at a staggering $10.7 billion, given that the food delivery market was riding on a high.

In August, Baron Capital, a US-based asset management company (AMC), had marked up the fair value of Swiggy by 34% effectively valuing it at $8.5 billion.

With the increase in fair value, Swiggy’s valuation of $7.85 billion was closer to rival Zomato, which was valued at around $7.7 billion as of July.

Since then, Zomato has, however, seen its share price zoom by over 30%, and is now valued at over $11 billion, due to an improvement in its financial health.

Invcesco holds 24,844 shares in Swiggy and each share was worth $7,666 in January 2022.

The share price reduced to $3,306 in January this year, when Invesco said Swiggy was worth $5.5 billion. As of July 31, Swiggy’s shares are worth $4,703 apiece.