US investment firm Invesco has decreased the value of its holding in Indian online food delivery platform Swiggy to around $5.5 billion, according to regulatory filings with the US Securities and Exchange Commission. This is a reduction from $8 billion in October 2022 and a significant drop from Swiggy’s $10.7 billion valuation in January 2022 when Invesco led a funding round. Swiggy is preparing for an initial public offering, but has not yet released its FY23 numbers. In FY22, the company saw a 2.2-times growth in gross merchandise revenue to reach Rs 5,705 crore but losses doubled to Rs 3,629 crore compared to the previous fiscal year.
