Invesco marks Swiggy valuation at $12.7 billion, up 18% from last fundraise

economictimes.indiatimes.com:

Swiggy to $12.7 billion, up 18% from the valuation at which the Bengaluru-based firm last raised money in 2022, filings made with the US Securities and Exchange Commission showed.

Invesco had led the $700 million round in January 2022 that valued Swiggy at $10.7 billion. The mark up in Swiggy's valuation by its investors comes at a time when several other Indian internet companies,including Ola Cabs, Byju's and Meesho have seen the fair values of their stakes being marked down by investors such as Vanguard, BlackRock and Fidelity.

Elevate Your Tech Prowess with High-Value Skill Courses

Last month, ET had reported that Baron Capital had also marked up the company's valuation to $12.1 billion. The latest valuation ascribed to Swiggy—which is soon expected to file draft papers for its $1 billion initial public offering (IPO)—by Invesco is as of January 31 this year. This was the fourth consecutive valuation markup by Invesco for Swiggy.

Crossover funds, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. The fair value is ascertained on the basis of a number of factors, including the stock market performance of comparable peers.

Swiggy did not comment on the development.

Between October 31 and January 31, the share price