Invesco Cuts Swiggy's Valuation To $5.5 Bn

BW Online Bureau May 09, 2023

According to media reports, Invesco has cut Swiggy's valuation to USD 5.5 billion. According to TechCrunch, this would be the second such transfer this year. According to regulatory findings, the US-based investment management firm reduced the value of its Swiggy ownership to USD 8 billion from USD 10.7 billion last month.

Swiggy's latest valuation is 48.6 peer cent lower than in January of last year, when it became a decacorn after raising USD 700 million in a funding round. Invesco, Baron Capital Group, Sumeru Venture, IIFL AMC's late stake tech fund, Kotak, Qatar Investment Authority, and others were among the investors who helped Swiggy become one of India's most valuable firms.

BlackRock, one of BYJU's largest investors, recently reduced the value of its stake in the edtech firm by half, to almost USD 11.5 billion.

Swiggy's loss increased in FY22, despite double-digit sales growth. In FY22, the company lost Rs 3,629 crore, compared to a loss of Rs 1,617 crore the previous year. Expenses increased to Rs 9,574 crore from Rs 4,139 crore the previous fiscal year, owing to an increase in the cost of goods procurement and advertising. In FY22, the company earned Rs 5,705 crore, up from Rs 2,457 crore in FY21.