Swiggy offers 20% discount to High Net Worth Individuals in pre-IPO deal: Report
₹350 each, valuing the company at ₹80,000 crore." Previously, according to regulatory filings, US-based asset management company (AMC) Invesco has increased Swiggy's valuation by 19 per cent to $12.7 billion ahead of its anticipated IPO. Invesco had spearheaded a $700 million funding round for the food delivery startup in January 2022, valuing it at $10.7 billion. Also read: Swiggy gears up for IPO: Food aggregator converts to public limited company ahead of IPO, plans to raise $1 billion Following that, Baron Capital, an investor in the company, assessed Swiggy's fair value at $12.2 billion as of March 2024, thereby giving a significant lift to the startup gearing up for its IPO.
These successive mark-ups are bringing Swiggy's valuation closer to its competitor, Zomato. Zomato's shares closed at ₹197.30 each on the NSE on Wednesday, April 10th. In intraday trading, it reached a record high of ₹199.60, nearly touching the psychological threshold of ₹200.
Swiggy is moving forward with its IPO plans amidst growing optimism in the market, which has thawed after a period known as the 'funding winter'. This is apparent from the recent valuation increases of various startups such as Meesho, PineLabs, FirstCry, and Ola Electric, all preparing for public offerings either within this year or in the early months of the next. Also read: Jefferies initiates coverage on IDFC First Bank with a ‘buy’, sees over 15% upside – 3 reasons why According to an internal company document, Swiggy incurred a loss of $200 million during the nine months ending in December 2023.
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