US-based investor Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report filed with the US Securities and Exchange Commission (SEC).
Invesco valued Pine Labs at $3.5 billion as of April 30, compared with $3.8 billion as of January 31 and $4.8 billion as of December 31, 2023.
Invesco owns around 2.8 per cent of Pine Labs while Baron Funds holds around 1.3 per cent. Peak XV Partners owns around 20.6 per cent, according to data from Tracxn.
The valuation comes at a time when the fintech major is in the process of reverse flipping and has received court approval in May to merge its entity in the city-state with the domestic one.
While for IPO-bound Swiggy, the US based investor has slightly cut the fair value of the food and grocery delivery company in its books as of April 30, compared with a quarter ago.
As of January 31, Invesco had valued the Bengaluru-based company at $12.7 billion, while US-based asset manager Baron Capital had hiked Swiggy’s valuation to $15.1 billion as of March 31, a jump of 25 per cent from the last fair value recorded by the investor.
Swiggy has made a confidential filing of its prospectus with the Securities and Exchange Board of India (SEBI) for a $1.25-billion initial public offering (IPO). Founded by Sriharsha Majety, Rahul Jaimini and Nandan Reddy, Swiggy has raised over $3.6 billion from SoftBank, DST Global, Alpha Wave Global, Accel, Norwest Venture Partners, Prosus, Elevation and others since its inception in 2014.