Invesco, a US-based asset management company (AMC), has once again revised Swiggy’s fair value, marking the food tech giant at $8.3 billion, according to regulatory filings as of October 31, 2023. The data reveals that Invesco, holding approximately a 2 percent stake in Swiggy, acquired its shares at a cost of around $190.5 million.
As of the end of October 2023, the total value of Invesco’s 28,844 shares in Swiggy stood at $147.6 million, reinforcing the latest valuation of $8.3 billion. This marks the second consecutive time that Invesco has raised Swiggy’s valuation. In the previous adjustment in October of the preceding year, Invesco had upped Swiggy’s worth by 42 percent, pegging it at $7.85 billion. Notably, this increase followed a period of consecutive valuation cuts experienced by Swiggy.
In April of the same year, Invesco had initially reduced Swiggy’s valuation to $8 billion from $10.7 billion, citing a global downturn in tech stocks. Subsequently, another markdown followed as companies worldwide acknowledged a slower-than-expected growth in the food delivery market. This led Invesco to reassess Swiggy’s valuation at $5.5 billion, almost half of the $10.7 billion it commanded during a fundraising round in January 2022.
Despite the recent 6 percent increase in Swiggy’s valuation by Invesco, the current $8.3 billion figure still positions the food delivery firm below its January 2022 valuation of $10.7 billion, signifying a shift in its perceived market value.