Swiggy Receives Another Valuation Boost from Invesco Before Going Public

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Three points you will get to know in this article:

  • Invesco raised the food delivery giant’s valuation for the third time.
  • The development follows the IPO-bound food aggregator going public.
  • Swiggy’s IPO is likely over $1Bn.

Surge in Swiggy's Valuation

Invesco, a US-based fund manager, has increased Swiggy’s fair value by 19% to $12.7 billion as of the end of March 2024 in preparation for its upcoming initial public offering (IPO).

Notably, this is the third consecutive time that Invesco has raised the valuation of the food delivery giant after reducing it twice. According to a recent regulatory filing, the company’s valuation was increased to $8.3 billion as of October 2023, and to $7.85 billion in July.

Impact of Invesco's Investment

In the previous year, Invesco disclosed that their 28,844 shares in Swiggy, representing a 2% stake, were valued at $147.6 million, indicating a fair value of $8.3 billion. The fund manager’s initial investment cost for the stake was $190.5 million.

In 2022, Invesco, as the lead investor in Swiggy’s $700 million funding round, facilitated the foodtech company’s inclusion into the decacorn club.

Transition to Public Limited Company

After the latest funding round, Swiggy’s value shot up to a staggering $10-11 billion, only to be adjusted downward later by the main investor in two separate stages. This update arrives hot on the heels of Swiggy’s transition from a private entity to a public limited company, just a day before it set its sights on an IPO. The company has put forth a proposal to officially rebrand itself from ‘Swiggy Private Limited’ to ‘Swiggy Limited,’ dropping the word ‘Private’ from its title. This alteration, as per the company’s documents, is geared towards facilitating public fundraising, including through the anticipated IPO.

The upcoming IPO, anticipated to be launched later this year, is projected to have a value of $1 billion (INR 8,300 Crore). According to discussions with certain investors, this IPO is expected to be the largest one by an internet company in India.

Swiggy's Financial Performance

Despite this, the company has reported a loss of $207 million in the first nine months of the financial year 2023-24 (FY24). In the previous financial year (FY23), the company recorded a net loss of INR 4,179.3 Crore.

Invesco, a US-based fund manager, has increased Swiggy’s fair value by 19% to $12.7 billion as of the end of March 2024 in preparation for its upcoming initial public offering (IPO). Invesco disclosed that their 28,844 shares in Swiggy, representing a 2% stake, were valued at $147.6 million, indicating a fair value of $8.3 billion. The fund manager’s initial investment cost for the stake was $190.5 million. update arrives hot on the heels of Swiggy’s transition from a private entity to a public limited company, just a day before it set its sights on an IPO. The company has reported a loss of $207 million in the first nine months of the financial year 2023-24 (FY24). In the previous financial year (FY23), the company recorded a net loss of INR 4,179.3 Crore.

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