Swiggy investor Invesco raises food delivery firm’s valuation by 9% to $8.5 billion

Invesco has marked up the valuation of food and grocery delivery platform Swiggy by about 9% to $8.5 billion in its books as of October 31, the US asset manager said in its filings made with the US Securities and Exchange Commission.

Invesco has also revised the valuation of fintech startup Pine Labs to $3.9 billion, from $4.1 billion earlier.


This was the second consecutive mark up of Swiggy’s valuation by the investor. It had raised the Bengaluru-based food delivery platform’s valuation to $7.8 billion as of July 31. Earlier in the year, Invesco had slashed the value of Swiggy in its books to $5.5 billion.

The latest valuation, however, is still below Swiggy’s peak valuation of $10.7 billion that it was assigned at the beginning 2022 when Invesco led a $700-million round in the company.

Crossover funds typically assess and revise valuations of their investments every quarter.

Among other factors, valuation revisions by investors in privately held companies often reflect the changes in their public market counterparts.

Between July 31 and October 31, Swiggy’s listed rival Zomato saw its market capitalisation increase by around 25% to roughly $11 billion. As of Thursday, Zomato has a market capitalisation of around $13 billion, according to data from the Bombay Stock Exchange (BSE).

Swiggy itself has reportedly initiated talks with bankers to assess its valuation in August, in preparation for a potential initial public offering (IPO) this year.

Baron Capital, another US-based asset manager that has invested in Swiggy, had marked up its investment to $8.5 billion in August. At the time, Baron Capital had raised Swiggy’s valuation by 34% from its previous valuation.

The firm’s largest shareholder, Prosus recently said Swiggy’s loss narrowed 35% from a year ago to $208 million for the half year ended September 30. Earlier, Prosus had said Swiggy had accrued a loss of about $540 million between January and December 2022.

Swiggy and Zomato have been stuck in a pitched battle for market share in the Indian food delivery business, while also facing off in the quick commerce ecosystem through their Instamart and Blinkit verticals.

Brokerage firms put Swiggy’s market share at around 45% in the virtual duopoly till the middle of 2023.

However, the two firms have also come under the government scanner recently. While Swiggy received a notice for about Rs 350 crore in unpaid goods and services tax (GST) from the tax authorities, Zomato received a notice for Rs 402 crore in similar unpaid taxes.