Invesco reduces fair value of Pine Labs, Swiggy
Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report filed with the US Securities and Exchange Commission (SEC).
As of April 30, Invesco valued Pine Labs at $3.5 billion, compared to $3.8 billion as of January 31, and $4.8 billion as of December 31, 2023.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitThe payments company, which mainly deploys point-of-sales (PoS) solutions at merchant outlets, had last raised $150 million from Alpha Wave back in 2022.
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It was valued at $5 billion after that round. Currently, Invesco owns around 2.8% of Pine Labs while Baron Funds holds around 1.3%. Peak XV Partners, the original investor in the company, now has around 20.6%, data from Tracxn showed.
The company is in theprocess of shifting its domicile to India from Singapore, and received court approval in May to merge its entity in the city-state with the domestic one.
ET first reported on March 20 on Pine Labs’ filings in India and Singapore for a reverse merger.
The fintech firm planned to go in for a public listing overseas last year, but postponed it citing volatile market conditions.
Meanwhile, Invesco, which led Swiggy’s $700-million fundraise in January 2022, has marginally cut the fair value of the food
