" "

Swiggy nears decacorn status as Invesco marks up its valuation to $8.3 billion

Vivek Vishwakarma
New Update
Swiggy Delivery Boy

Invesco, the US-based asset management company, has recently increased the valuation of Swiggy, a food tech company that battles with profitable Zomato, to $8.3 billion. 

The development, which was noted in regulatory filings as of October 31, 2023, marks a consistent rise in Swiggy's worth, following a period of fluctuating valuations. In July 2023, Invesco had valued Swiggy at $7.85 billion, indicating a nearly 6% increase in the latest valuation.

Swiggy's valuation timeline 

Swiggy's valuation journey has been a rollercoaster. In April 2023, Invesco lowered Swiggy's valuation to $8 billion from $10.7 billion, as global tech stocks faced challenges.


This was followed by a further decrease to $5.5 billion. However, Swiggy's valuation saw a rebound in July and October, culminating in the current $8.3 billion valuation. Despite this recent increase, Swiggy's current valuation remains below its peak of $10.7 billion in January 2022, after a $700 million funding round led by Invesco. 

IPO plans

While its competitor Zomato got listed in the public markets two years ago, Swiggy has been gearing up for an initial public offering (IPO), with plans to select seven investment banks for its 2024 IPO.

According to multiple media reports, The company aims to achieve profitability before going public. Notably, Its food delivery business turned profitable last year, excluding employee stock option costs.

However, its grocery delivery service, Swiggy Instamart, is expected to reach profitability by March 2024. Despite these positive developments, The foodtech giant's losses increased by 80% to $545 million in FY23, mainly due to investments in its grocery business.

What about other investors?

Invesco isn't the only investor who played with Swiggy's valuation. Other investors, like US-based Baron Capital, have also adjusted the company's valuation in recent times. As of June 2023, Baron Capital valued Swiggy at $8.5 billion.

What does the company say about its valuation? 

Swiggy CEO Rohit Kapoor said that the company is not overly concerned with these valuation changes. According to reports, Swiggy aims to raise over $1 billion and has likely chosen top investment banks like Kotak Mahindra Capital, Citi, and JP Morgan for the process.

Join our new WhatsApp Channel for the latest startup news updates