Swiggy's Valuation Gets A Second Hike By U.S.-Based Invesco
Invesco has pegged the value of its roughly 2% stake in Swiggy at $147.6 million, indicating its fair value at around $8.3 billion, up from $7.85 billion earlier.
U.S.-based investor Invesco Inc. has raised the valuation of its investment in Bundl Technologies Pvt., the operator of food delivery giant Swiggy, for the second time in a row, after two markdowns over the past year.
It has pegged the value of its roughly 2% stake in Swiggy at $147.6 million at the end of October 2023, up from $135.6 million as of the end of July, according to a Securities and Exchange Commission filing by one of Invesco's investment funds.
Moneycontrol reported the development first.
That pegs the Bengaluru-based company's fair value at around $8.3 billion, up from $7.85 billion.
However, this is still lower than Swiggy's peak valuation of $10.7 billion, at which it raised a $700 million round in January 2022.
For comparison, listed rival Zomato Ltd. is trading at a market capitalisation of Rs 1.11 lakh crore, or about $13.4 billion, as of 12 p.m. on Thursday.
Swiggy's food delivery business has turned profitable, Chief Executive Officer Sriharsha Majety said in May.
"As of March 2023, Swiggy’s food delivery business has turned profitable (after factoring in all corporate costs, excluding employee stock option costs)... Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception," Majety wrote in a blog post then.
As of FY22, Swiggy's loss climbed to Rs 3,628.9 crore, with revenue of about Rs 5,704.9 crore. As per long-time backer Prosus, Swiggy posted a loss of nearly $556 million, or about Rs 4,630 crore, for the calendar year 2022, which makes up a large portion of FY23.
