US-based Invesco raises Swiggy’s valuation to $8.3 bn

US-based investment company Invesco has raised IPO-bound food delivery platform Swiggy’s valuation to about $8.3 billion.

This is the second consecutive time the global asset management company has increased Swiggy’s value, according to regulatory filings.

In October last year, Invesco increased the food delivery platform’s valuation to about $7.85 billion.

Swiggy had reached a $10.7 billion valuation in a round led by Invesco in January 2022.

In May last year, Invesco slashed Swiggy’s valuation in its holding to about $5.5 billion.

In November, Swiggy’s investor Prosus, in its financial filing, stated that Swiggy’s core food-delivery business grew 17 per cent and delivered gross merchandise value (GMV) of $1.43 billion in the first half of FY24.

“This was led by a rise in transacting users that drove double-digit order growth and inflation in AOV,” Prosus said.

Prosus, which holds 32.7 per cent of the stake in Swiggy, mentioned trading losses reduced to $208 million.

The company further said that the quick-commerce business made rapid strides as customer adoption drove order growth.

Basket sizes grew well ahead of inflation. In the last 12 months, Swiggy has facilitated the disbursement of loans worth Rs 102 crore, of which Rs 10.1 crore was disbursed in November alone.

Swiggy’s losses for the entire FY23 amounted to approximately $545 million, representing an 80 per cent increase compared to around $300 million in FY22.