“Invesco Boosts Swiggy’s Valuation to $8.3 Billion Ahead of Anticipated IPO”
Invesco, a key investor in Swiggy, has elevated the valuation of the renowned online food delivery platform to $8.3 billion, marking a notable increase from its previous valuation of $7.85 billion in October. This valuation surge coincides with Swiggy’s preparations for its forthcoming Initial Public Offering (IPO) later this year, backed by significant support from SoftBank.
Despite a dip from its peak valuation of $10.7 billion in 2022, Invesco’s renewed valuation underscores confidence in Swiggy’s growth trajectory. The global investment management firm, owning a 2% stake in Swiggy, has valued its shares at $147.6 million as of October 2023, reflecting a strategic bet on the platform’s potential.
Swiggy’s recent declaration of profitability in its core food delivery segment in May signals a robust business model. However, its Instamart grocery delivery service continues to report losses.
In contrast, competitor Zomato showcased financial improvements, reporting profits in the second quarter of 2023. Zomato’s shares experienced significant growth in 2023, exhibiting a notable increase and early gains in 2024.
Swiggy aims for an IPO between July and September, aligning with its mission to fortify its market presence and capitalize on investor confidence.
