Baron Capital, a US-based asset manager, has marked up the valuation of Swiggy to $15.1 billion, as indicated in regulatory filings with the US Securities and Exchange Commission (SEC).
This marks a nearly 25% surge in the company’s valuation compared to the $12.1 billion estimated by Baron as of December 2023. Following Baron’s adjustment, Swiggy’s early backer, Invesco, also raised its valuation to $12.7 billion in April.
Continue Exploring: Baron Capital elevates Swiggy’s valuation to $12.1 Billion, marking 13% increase from previous fundraise
ET was the first to report this development.
This comes as Swiggy gears up for its initial public offering (IPO). The Bengaluru-based firm has received shareholders’ approval to float its $1.25 billion IPO and reportedly filed papers with SEBI via a confidential route in May.
Continue Exploring: Swiggy files confidential draft papers with SEBI for IPO launch
Prior to filing IPO papers, Swiggy was offering a pre-IPO deal to high net-worth individuals (HNIs), allowing them to purchase its shares at a 20% discount.
During the first three quarters of the financial year FY24, Swiggy reported revenue from operations of INR 5,476 crore and a loss of INR 1,600 crore. In FY23, its revenue amounted to INR 8,265 crore, while its losses surged to INR 4,179 crore.
In addition to Swiggy, Pine Labs, Meesho, FirstCry, and Ola Electric have all experienced increases in their valuations over the past six months.
According to stock exchange data, Swiggy’s main competitor, Zomato, is presently valued at $18.7 billion. Recently, the latter reached a market capitalization of $21 billion.
Meanwhile, Baron has reduced the valuation of the edtech company Byju’s to just $24 million as of March 2024. Previously, BlackRock had already lowered the company’s valuation to $1 billion from $22 billion in early 2022.
Continue Exploring: Swiggy’s revenue from food delivery, Instamart reaches INR 7,800 Cr in FY24