Invesco Ups Swiggy's Valuation to $8.3 Billion Ahead of IPO

Invesco, the US-based asset management company holding a 2% stake in Swiggy, has revised the valuation of the popular food tech giant to $8.3 billion. The updated valuation, disclosed in regulatory filings as of October 31, 2023, reflects a noteworthy increase from the previous figure.

This marks the second consecutive upward adjustment in Swiggy's valuation by Invesco. In July of the preceding year, Invesco valued Swiggy at $7.85 billion, signifying an almost 6% surge in the recent valuation. Notably, the July 2023 valuation showcased a substantial 43% rise from a prior valuation, even though it followed two consecutive downward adjustments.

The rollercoaster journey of Swiggy's valuation has witnessed fluctuations driven by various market dynamics. In April, amid a global downturn in tech stocks, Invesco reduced Swiggy's valuation to $8.8 billion from $10.7 billion. Subsequently, the valuation further dipped to $5.5 billion before the subsequent increase recorded in July.

Despite the recent positive adjustment, Swiggy's current valuation remains below its peak of $10.7 billion in January 2022. This valuation was attained following a $700 million funding round led by Invesco, indicating the dynamic nature of the valuation landscape in the tech sector.

As Swiggy gears up for its impending initial public offering (IPO), the evolving valuation narrative underscores the market's anticipation and the company's positioning in the competitive food tech landscape. Investors and industry observers are keenly watching Swiggy's journey as it navigates the IPO-bound trajectory.