IPO-bound Swiggy’s valuation was upgraded by the US-based asset manager Invesco, assigning an implied valuation of approximately $13.3 billion to the food delivery and quick-commerce company.
This is the fourth time in the past one year that the asset management company Invesco has marked up its valuation of Swiggy. In August, US investor Baron Capital valued the food-tech company at $14.74 billion as of June 2024.
This comes at a time when Swiggy has filed its draft red herring prospectus (DRHP) with SEBI. It plans to raise ₹3,750 crore via the fresh issue and an offer for sale of up to 18.52 crore shares, totalling around ₹6,664 crore (comprising 18.53 crore shares), resulting in an IPO size of ₹10,414 crore or $1.25 billion.
The size of the IPO is likely to increase by ₹1,250 crore, or $150 million, bringing the total to ₹11,664 crore or $1.4 billion. The decision will be made at the company’s extraordinary general meeting (EGM) on October 3.
Swiggy’s losses decreased by 44 per cent to ₹2,350 crore in FY24, down from ₹4,179 crore in FY23, while its revenue grew 36 per cent to ₹11,247 crore in FY24 from ₹8,265 crore.
While, the company’s losses have widened by 8 per cent to ₹611 crore in Q1FY25, up from ₹564 crore a year ago on mounting expenses, the updated draft red herring prospectus (DRHP) showed. In the same period, the company’s revenue from operations stood at ₹3,222.2 crore, an increase of 35 per cent from ₹2,389.8 crore recorded in the corresponding period of the previous year.