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US asset managing firm, Invesco, has reportedly uplifted the valuation of Swiggy, the food and grocery delivery platform, by nearly 9% reaching $8.5B as of October 31, as revealed in the documents filed with the US Securities and Exchange Commission.

  • Valuation shifts in 2023: Swiggy’s valuation was initially reduced to $5.5B earlier in 2023, but was then hiked to $7.8B by Invesco as of July 31. This is in contrast to the peak valuation of $10.7B awarded to Swiggy at the start of 2022 when Invesco spearheaded a funding round of $700M in the company.
  • Baron Capital’s perspective: Baron Capital, another American asset manager with stakes in Swiggy, marked up its investment to $8.5B in August, a 34% increase from its earlier valuation.
  • Reason for revisions: These changes reflect a common tendency among crossover funds like Invesco to reassess and amend their investment valuations each quarter, a frequency often mirroring alterations in their public market equivalents.
  • Public listing forecast: According to Reuters, Swiggy began discussions with Morgan Stanley, JP Morgan, and Bank of America, among others, to evaluate its worth for an IPO in August 2023.

Swiggy engages in competition with Zomato for the lion’s share in India’s food delivery industry. Besides this, the two competitors are also expanding into the quick-commerce environment, with Swiggy’s market share estimated at around 45% by mid-2023.

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