US-Based Invesco Cuts Swiggy's Valuation To $5.5 Billion According to reports, Swiggy's valuation has been lowered by 48.6% from January last year, putting it behind its listed peer, Zomato, which had a market capitalization of around $6.9 billion on May 8
By Teena Jose
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US-based investor Invesco has cut the valuation of online food and grocery delivery platform Swiggy to $5.5 billion in January 2023 from its last valuation of $10.7 billion in January 2022, according to Invesco's latest filings with the Securities and Exchange Commission (SEC).
This is the second time that Invesco's has marked for Swiggy in less than a year. Earlier in April, it had reduced the company's valuation to $8.2 billion from $10.7 billion. In October 2022, Invesco slashed Swiggy's valuation to $8 billion. Also, Invesco had led a $700 million funding round in Swiggy in January 2022.
According to media reports, Invesco valued Swiggy's shares at $4,759 per share in October 2022, which is down from $6,212 in July of the same year. This has put Swiggy's valuation at $8.2 billion. The fresh valuation is about 32% lower from the $8.2 billion that Invesco had given. Invesco had led the $700 million funding round in Swiggy. When it infused $700 million in Swiggy in January last year, it valued the food-tech giant at $10.7.
Reportedly, in total, Swiggy's valuation has been lowered by 48.6% from January last year, putting it behind its listed peer, Zomato, which had a market capitalization of around $6.9 billion on May 8.
Swiggy's marketplace business contributed INR 3,483 crore to revenue from operations, which is almost 60% of the total. Its business-to-business (B2B) vertical, which involves trading in FMCG goods, contributed INR 2,147 crore to its operational revenue, the reports added.
