US asset manager Invesco has raised the valuation of Indian food delivery platform Swiggy to Rs 69,033 crore ($8.3 billion) from Rs 65,291 crore ($7.85 billion) in October in a second straight markup, regulatory filings showed.
The valuation hike comes as the Softbank-backed company prepares for its stock market debut later this year. In September, it resumed talks with bankers for its IPO plans after halting the process due to weak markets, Reuters reported.
Invesco is a minor shareholder in Swiggy, owning barely 2 per cent of the company.
However, the current valuation remains below its previous value of Rs 88,981 crore ($10.7 billion), when it raised funds in January 2022.
The asset manager valued its 28,844 shares in Swiggy at $147.6 million as of October 2023. Invesco, which led Swiggy's last round of fundraising in 2022, had picked up the stake at $190.5 million.
In June, Baron Capital, another Swiggy investor, marked up the fair value of the startup to Rs 70,686 crore ($8.5 billion).
Swiggy is aiming to list between July and September.
Last May, Swiggy said its core food delivery business had turned profitable, while its grocery delivery service, Instamart, was still incurring losses.
Meanwhile, rival Zomato reported improved financials, posting a profit for the second quarter ended Sept. 30. Zomato's shares more than doubled in 2023 and are up 6.3 per cent so far this year.
Published 05 January 2024, 09:59 IST