Stock Market News

Invesco raises valuation of Indian food delivery firm Swiggy to $8.3 billion

2024.01.05 03:55


© Reuters. FILE PHOTO: A man stands in front of a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, January, 3, 2020. REUTERS/Francis Mascarenhas/File Photo

(Reuters) – U.S. asset manager Invesco has raised the valuation of Indian food delivery platform Swiggy to $8.3 billion from $7.85 billion in October in a second straight markup, regulatory filings showed.

The valuation hike comes as the Softbank-backed company prepares for its stock market debut later this year. In September, it resumed talks with bankers for its IPO plans after halting the process due to weak markets, Reuters reported.

Invesco is a minor shareholder in Swiggy, owning barely 2% of the company.

However, the current valuation remains below its previous value of $10.7 billion, when it raised funds in January 2022.

The asset manager valued its 28,844 shares in Swiggy at $147.6 million as of October 2023. Invesco, which led Swiggy’s last round of fundraising in 2022, had picked up the stake at $190.5 million.

In June, Baron Capital, another Swiggy investor, marked up the fair value of the startup to $8.5 billion.

Swiggy is aiming to list between July and September.

Last May, Swiggy said its core food delivery business had turned profitable, while its grocery delivery service, Instamart, was still incurring losses.

Meanwhile, rival Zomato reported improved financials, posting a profit for the second quarter ended Sept. 30. Zomato’s shares more than doubled in 2023 and are up 6.3% so far this year.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,684.67 0.13%
ethereum
Ethereum (ETH) $ 2,511.95 0.09%
tether
Tether (USDT) $ 1.00 0.11%
bnb
BNB (BNB) $ 575.72 0.04%
solana
Solana (SOL) $ 166.67 0.20%
usd-coin
USDC (USDC) $ 1.00 0.01%
xrp
XRP (XRP) $ 0.513705 0.05%
staked-ether
Lido Staked Ether (STETH) $ 2,509.40 0.04%
dogecoin
Dogecoin (DOGE) $ 0.161842 1.23%
tron
TRON (TRX) $ 0.167595 0.34%
cardano
Cardano (ADA) $ 0.356052 4.03%
the-open-network
Toncoin (TON) $ 4.92 1.15%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,972.24 0.30%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 1.63%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,615.65 0.24%
avalanche-2
Avalanche (AVAX) $ 24.89 0.13%
weth
WETH (WETH) $ 2,509.86 0.02%
chainlink
Chainlink (LINK) $ 11.28 1.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 350.44 0.05%
usds
USDS (USDS) $ 1.00 0.71%
polkadot
Polkadot (DOT) $ 3.92 0.98%
leo-token
LEO Token (LEO) $ 6.07 0.19%
sui
Sui (SUI) $ 1.95 0.87%
litecoin
Litecoin (LTC) $ 70.26 2.23%
near
NEAR Protocol (NEAR) $ 3.96 1.37%
aptos
Aptos (APT) $ 8.83 1.79%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,640.15 0.04%
uniswap
Uniswap (UNI) $ 7.53 2.84%
pepe
Pepe (PEPE) $ 0.000009 1.18%
internet-computer
Internet Computer (ICP) $ 7.85 0.64%
bittensor
Bittensor (TAO) $ 462.09 3.11%
dai
Dai (DAI) $ 1.00 0.02%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.22 4.98%
monero
Monero (XMR) $ 159.07 3.13%
kaspa
Kaspa (KAS) $ 0.11668 0.54%
stellar
Stellar (XLM) $ 0.092908 1.17%
ethereum-classic
Ethereum Classic (ETC) $ 18.49 0.14%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
whitebit
WhiteBIT Coin (WBT) $ 19.00 1.10%
first-digital-usd
First Digital USD (FDUSD) $ 0.999694 0.07%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.318973 0.08%
blockstack
Stacks (STX) $ 1.60 0.40%
okb
OKB (OKB) $ 38.17 0.08%
dogwifcoin
dogwifhat (WIF) $ 2.22 4.37%
aave
Aave (AAVE) $ 142.58 1.18%
filecoin
Filecoin (FIL) $ 3.48 1.87%
arbitrum
Arbitrum (ARB) $ 0.519258 2.23%
crypto-com-chain
Cronos (CRO) $ 0.073386 0.48%
mantle
Mantle (MNT) $ 0.581001 1.05%
thorchain
THORChain (RUNE) $ 5.78 3.72%