Swiggy's Valuation Raised By Invesco After Two Markdowns
This is still lower than Swiggy's peak valuation of $10.7 billion, at which it raised a $700 million round in January 2022.
U.S. investor Invesco Inc. has raised the valuation of its investment in Bundl Technologies Pvt., the operator of food delivery giant Swiggy, after two markdowns over the past year.
It has pegged the Bengaluru-based company's fair value at around $7.85 billion as of the end of July, according to a Securities and Exchange Commission filing by one of Invesco's investment funds.
Invesco's previous fair value of Swiggy stood at around $5.5 billion at the end of January this year, which was down from its October 2022 fair value of $8 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.
This also compares to the valuation of its listed rival Zomato Ltd., which ended trade on Tuesday with a market capitalisation of Rs 98,404 crore, or $11.7 billion.
The markup in Swiggy's valuation is also reflective of the announcement by its Chief Executive Officer, Sriharsha Majety, that its core food delivery business has turned profitable.
"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 in May.
However, as of FY22, Swiggy's loss climbed to Rs 3,628.9 crore, with revenue of about Rs 5,704.9 crore.
