03 October 2024
U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month.
In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $237.24 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million.
Invesco invested in Swiggy in early 2022, leading a $700 million round in the Bengaluru-based startup. The round valued the company at $10.7 billion.
Invesco has been fairly conservative with its assessment of its holdings in Swiggy. When the market dipped in 2023, Invesco lowered its estimated value of Swiggy to $5.5 billion at the end of July 2023 and held it at about $12.3 billion at the end of April this year.
Firms use different methodologies to calculate the valuation of privately held companies. Generally, they use the market performance of a publicly listed rival to benchmark such companies. Zomato, Swiggy’s chief rival, has had a market cap between $22 billion and $30 billion in recent months.
Baron, another investor in Swiggy (though it owns fewer shares in the food delivery startup than Invesco), valued the Indian firm at $15.1 billion at the end of March this year.
U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month.
In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $237.24 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million.
Invesco invested in Swiggy in early 2022, leading a $700 million round in the Bengaluru-based startup. The round valued the company at $10.7 billion.
Invesco has been fairly conservative with its assessment of its holdings in Swiggy. When the market dipped in 2023, Invesco lowered its estimated value of Swiggy to $5.5 billion at the end of July 2023 and held it at about $12.3 billion at the end of April this year.
Firms use different methodologies to calculate the valuation of privately held companies. Generally, they use the market performance of a publicly listed rival to benchmark such companies. Zomato, Swiggy’s chief rival, has had a market cap between $22 billion and $30 billion in recent months.
Baron, another investor in Swiggy (though it owns fewer shares in the food delivery startup than Invesco), valued the Indian firm at $15.1 billion at the end of March this year.
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