Invesco, a leading investor in Swiggy, has announced a significant uptick in the valuation of its stake in the popular food delivery platform. According to filings with the US Securities Exchange Commission (SEC), Invesco has marked up Swiggy’s valuation to a staggering $12.7 billion, reflecting an 18% increase from its previous valuation recorded during the fundraise in January 2022.
This development comes hot on the heels of a similar valuation boost by New York-based asset management firm Baron Capital, which raised Swiggy’s valuation to $12.1 billion, marking a 13% increase from its previous fundraise.
The journey of Swiggy’s valuation has been a rollercoaster ride, with Invesco initially marking down its worth to $5.5 billion in May 2023. However, the company revised its valuation upwards to $9.5 billion on October 31, 2023, indicating a remarkable turnaround.
In a recent report by Startup Story, it was revealed that Swiggy has transformed into a public company, rebranding itself as Swiggy Limited from Swiggy Private Limited, as it gears up for an imminent public market listing later this year. The company is reportedly seeking to raise up to $1 billion from its initial public offering (IPO), with plans to file its draft red herring prospectus (DRHP) in the coming months.
Swiggy’s decision to go public aligns with a trend observed among new-age brands like FirstCry and Ola Electric, which are seizing opportunities to list on the bourses despite prevailing macroeconomic uncertainties in global markets. These companies are demonstrating resilience and ambition in navigating both short-term challenges and long-term goals.
The news of Swiggy’s valuation surge comes at a time when the company has achieved a significant milestone in its financial performance. In May last year, Swiggy announced that its food delivery business had turned profitable for the first time in March 2023. This achievement encompasses all corporate costs, excluding expenses related to the employee stock ownership plan.
As Swiggy gears up for its IPO, investor confidence in the company appears to be soaring, buoyed by its impressive growth trajectory and promising financial outlook. With its robust valuation and plans for a public listing, Swiggy is poised to make waves in the financial markets, marking a new chapter in its journey as a leading player in the food delivery industry.
