Invesco Raises Swiggy's Valuation To $8.3 Bn Ahead Of IPO
US-based asset management firm Invesco, holding approximately a 2 per cent stake in Swiggy, has raised the IPO-bound food tech giant's valuation to USD 8.3 billion, as per regulatory filings. In October, Invesco's 28,844 shares in Swiggy were valued at USD 147.6 million, implying the higher valuation.
This marks the second consecutive increase in Swiggy's valuation by Invesco. In October 2023, the valuation soared by 42 per cent to USD 7.85 billion, following two previous markdowns. Initially rated at USD 10.7 billion in January 2022, the valuation saw a decline to USD 5.5 billion due to market trends and a slowdown in the food delivery industry.
Baron Capital, another investor, also adjusted Swiggy's valuation. In March 2023, it lowered the fair value by around 40 per cent to USD 6.5 billion, later marking it up by over 30 per cent in June 2023 to USD 8.5 billion.
Reports suggest Swiggy is gearing up for a potential USD 1 billion IPO in 2024, with speculations pointing to the involvement of Kotak Mahindra Capital, Citi and JP Morgan in the deal. Swiggy, headquartered in Bengaluru, holds a significant market share in food delivery and is venturing into grocery delivery.
To strengthen its board ahead of the IPO, Swiggy appointed Anand Kripalu, former Diageo India MD and CEO, as an independent director and chairman. Earlier, three independent directors, Sahil Barua, Mallika Srinivasan and Shailesh Haribhakti, were brought in as part of the IPO preparation.
