Invesco Boosts Swiggy's Valuation to $8.3B in US Investment

Invesco, a US-based investment firm, elevates the valuation of Swiggy, the food delivery platform gearing up for an IPO, to approximately $8.3 billion.

According to regulatory filings, this marks the second consecutive occasion where the global asset management firm has raised Swiggy's valuation.

Last October, Invesco raised the valuation of the food delivery platform to approximately $7.85 billion.

In January 2022, Swiggy achieved a valuation of $10.7 billion following a round spearheaded by Invesco

In May last year, Invesco slashed Swiggy’s valuation in its holding to about $5.5 billion.

In November, Prosus, an investor in Swiggy, noted in its financial filing that Swiggy's primary food delivery segment experienced a 17% growth and generated a gross merchandise value (GMV) of $1.43 billion during the initial six months of FY24.

Prosus attributed this to an increase in active users, resulting in a double-digit surge in orders and a rise in average order value due to inflation.

Prosus, with a 32.7% stake in Swiggy, reported a decrease in trading losses to $208 million.

The company also stated that rapid progress was made in the quick-commerce business due to increased customer adoption, leading to significant growth in orders.

Basket sizes expanded significantly more than inflation. Over the past year, Swiggy facilitated the distribution of loans totaling Rs 102 crore, with Rs 10.1 crore disbursed just in November.

In FY23, Swiggy incurred losses totaling about $545 million, marking an 80% surge from approximately $300 million in FY22.