Prior to its IPO, Invesco increases Swiggy’s value by 19% to $12.7 billion

According to SEC documents released by the US AMC, asset management firm Invesco increased Swiggy’s value by 19% to $12.7 billion before to the foodtech company’s first public offering (IPO). 28,844 shares, or 2% of Swiggy, are owned by Invesco.

The US-based investor has increased Swiggy’s value three times in the last year. Invesco increased the Indian start-up’s value to $8.3 billion in January 2024. Invesco has 28,844 shares in Swiggy valued at $147.63 million. Previously, Invesco increased Swiggy’s value from $5.5 billion to $7.85 billion in October of last year.

After cutting the value of the meal delivery platform by 34% to $7.3 billion in October of last year, Baron Capital Group increased the valuation to $12.1 billion in March of this year. Baron Capital invested in the business in 2022 at a $10.7 billion value. Swiggy secured $700 million in fundraising in 2022 under the direction of Invesco, and when its worth surpassed $10.7 billion, company became a decacorn.

From Rs 5,705 crore in the previous fiscal year to Rs 8,264.6 crore in 2022–2023—Swiggy’s operating income increased by 44.9%. During that time, the company’s losses exceeded Rs 4,000 crore.

In the next months, Swiggy is probably going to submit paperwork for a $1 billion initial public offering (IPO). The business changed its status from private limited company to public limited company lately. Trancxn reports that funds control 87.47% of Swiggy’s shares, with the founders holding 6.66% of the company. With the most recent investment round (K Series) of $46.4 million from P R Venketrama Raja of the Ramco group in August 2023, Swiggy has raised $3.62 billion to far. Some of the major investors in the meal delivery platform include Baron Group, Tencent, Prosus, and Invesco.

The listed company Zomato, Swiggy’s rival, is valued at almost $2 billion, or Rs 1.68 lakh crore, on the market.