US-based Investment firm Invesco has cut down on the fair value of IPO-bound food delivery platform Swiggy- as per its report to the US Securities and Exchange Commission (SEC), along with the fintech firm Pine Labs.
Invesco’s stake in the Bengaluru-based food delivery startup dropped marginally to $219 million in April 2024, from $220 million on a QoQ basis, making its valuation $12.3 billion from $12.7 billion as per the company’s filings. Swiggy’s last fundraise in January 2022 was led by Invesco where the former managed to raise $700 million at a valuation of $10.7 billion.
The adjustments to fair value are not necessarily permanent markup or cuts in the company’s valuation but indicate actions based on the observations of macro and microenvironments by the private investor.
As per the food delivery company’s reports, it is currently valued at $9.3 billion in secondary transactions with its early investors such as Accel, Prosus, Elevation and others diluting stakes for gains. Asset management firm Baron Capital increased its valuation for the platform to $15.1 billion. Swiggy’s IPO worth $1 billion is expected to be launched in the coming months.
While Invesco had previously assessed Pine Labs’ valuation to be $3.8 billion as of January 31, it came down by 8% to $3.5 billion as of April 30. The payments company had last secured funds worth $150 million in 2022 from Alpha Wave Global at a valuation of $5 billion. Tracxn reports that Invesco holds 2.8% stakes in the payments firm, while Baron Capital, Peak Partners, Actis, Ternasek, Alpha Wave, PayPal and Mastercard hold 1.3%, 20.6%, 7.8%, 7.7%, 3.4%, 6.0%, and 5.2% stakes in the company in the same order. It has recently relocated its base from Singapore to India and is eyeing a $1 billion IPO at a valuation of $6 billion, potentially doing a pre-IPO fundraising round and issuing both new and secondary shares.
