Amid IPO buzz, Invesco marks Swiggy’s valuation at $12.7 billion, up 18% from last fund raise

Invesco has raised Swiggy’s valuation to $12.7 billion, higher by 18% as compared to the company’s last fund raise in 2022, as per the regulatory filings made by the US-based asset management company with the US Securities and Exchange Commission.

Swiggy was valued at $10.7 billion in January 2022, when it had raised $700 million from a clutch of investors led by Invesco.

This is the third straight upward revision made by Invesco in Swiggy’s valuation. After a series of cuts between 2022 and 2023, the fund manager had raised the valuation to $7.8 billion in July last year, followed by an increase to $8.3 billion in October.

The latest valuation upgrade, at $12.7 billion, is for the period ending January 31, 2024, as per the exchange filing.

Swiggy's IPO plans

While Swiggy was yet to comment on the development, the Invesco move is likely to bolster the company’s initial public offering (IPO) plans. The food and grocery supplier is expected to file the draft papers for a $1 billion issue that could be launched by the year-end, reports said.

The speculations related to the Swiggy IPO were boosted this week, after the company converted itself into a public limited company from a private limited firm. The company’s holding name has been changed from Swiggy Pvt Ltd to Swiggy Ltd in the documents submitted by the firm with the Registrar of Companies (RoC), according to an Economic Times report.

As per the last financial results disclosed by Swiggy, it recorded a loss of $207 million for the nine-month period ended December 2023. Earlier, it had posted a net loss of $507 million and an operating revenue of $922 million for the entire fiscal year 2022-23.

Meanwhile, rival Zomato clocked a net profit of ₹138 crore in the quarter ended December 2023, as against a net loss of ₹347 crore in the year-ago period. The company's revenue from operations surged by 69% year-on-year to ₹3,288 crore.