American investment firm Invesco has once again increased the valuation of the online food delivery company Swiggy, marking the second upward adjustment.
The investment firm disclosed a revised valuation of Swiggy at $8.3 billion in its recent regulatory filing. Traxon, a data provider for Private Markets, reveals that Invesco now holds a 2 percent share in the food delivery startup.
In its latest investment move, Invesco acquired this 2 percent stake with an investment totaling approximately $190.5 million, corresponding to 28,844 shares in Swiggy. Notably, in October of the previous year, Invesco had initially estimated the valuation of this stake at $147.6 million.
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This recent upward adjustment is the second time the firm has increased Swiggy's valuation. In October of the preceding year, the investment firm raised Swiggy's valuation by 42 percent to $7.85 billion. It's worth noting that before this positive turn, Invesco had consistently decreased the valuation of Swiggy on several occasions.
In April of the same year, Invesco had initially reduced Swiggy's valuation from $10.7 billion to $8 billion. Subsequently, Invesco further decreased Swiggy's valuation, attributing it to the slower-than-expected growth in the food delivery market. During this period, the American investment firm stated that Swiggy's valuation had plummeted to $5.5 billion, nearly half of the funding Swiggy had raised in January 2022 at a valuation of $10.7 billion.
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The latest adjustment by Invesco reflects a 6 percent increase in Swiggy's valuation, though it remains below its peak valuation of $10.7 billion. At that valuation, Swiggy had secured $700 million in funding from investors, including participation from Invesco.
Notably, Baron Capital, another major investor in Swiggy from the United States, has also recently revised the company's valuation. In March 2023, Baron Capital reduced Swiggy's fair value by approximately 40 percent, valuing the food delivery company at $6.5 billion.
