Mumbai: US-based investor Swiggy gets a boost invesco has been re-marked start upevaluation of. Regulatory filings with the US Securities and Exchange Commission revealed that asset manager gave importance to food delivery company About $8.3 billion by October 31, 2023. This is higher than the $7.8 billion valuation reported by Invesco. Bengaluru based firm At its first markup in late July.
With this recent mark up, Invesco has raised the startup’s valuation for the second time in a row. The company held about 2% stake in Swiggy as of November 2023.The data comes from market research firm Tracxn. The valuation hike is a positive development for Swiggy which is gearing up for public market debut, The latest valuation, however, is lower than the firm’s peak valuation of $10.7 billion, at which it had raised $700 million from investors led by Invesco in January 2022.
The company, which competes with Zomato in the competitive market, is trying to reduce its cash burn and move towards profitability. Last year, co-founder and CEO Sriharsha Majeti had said in a blog post that Swiggy’s core food delivery business is set to become profitable by March 2023, excluding employee stock option costs. Zomato reported its first quarterly profit in Q1FY24 and has maintained it till Q2.
Amid a funding winter and strict investor caution, Swiggy faced a valuation slide by investors last year, with Invesco reducing its valuation to $5.5 billion (by January 2023). The firm’s investor Prosus had said late last year that Swiggy was working to improve its profit trajectory and was making every possible effort to “bridge the gap” with its competitors.
With this recent mark up, Invesco has raised the startup’s valuation for the second time in a row. The company held about 2% stake in Swiggy as of November 2023.The data comes from market research firm Tracxn. The valuation hike is a positive development for Swiggy which is gearing up for public market debut, The latest valuation, however, is lower than the firm’s peak valuation of $10.7 billion, at which it had raised $700 million from investors led by Invesco in January 2022.
The company, which competes with Zomato in the competitive market, is trying to reduce its cash burn and move towards profitability. Last year, co-founder and CEO Sriharsha Majeti had said in a blog post that Swiggy’s core food delivery business is set to become profitable by March 2023, excluding employee stock option costs. Zomato reported its first quarterly profit in Q1FY24 and has maintained it till Q2.
Amid a funding winter and strict investor caution, Swiggy faced a valuation slide by investors last year, with Invesco reducing its valuation to $5.5 billion (by January 2023). The firm’s investor Prosus had said late last year that Swiggy was working to improve its profit trajectory and was making every possible effort to “bridge the gap” with its competitors.
