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Invesco—a top investor in Swiggy—has marked up the valuation of its holding in the food delivery firm to $12.7 billion, up 18% from its last fundraise that took place in January 2022, as per filings available with the US Securities Exchange Commission (SEC).

This comes weeks after New York-based asset management firm Baron Capital raised the valuation of the food and grocery delivery firm to $12.1 billion, up 13% from its $700 million fundraise.

In May 2023, Invesco marked down Swiggy’s valuation to $5.5 billion. However, it later revised it to $9.5 billion on October 31, 2023.

Earlier today, YourStory reported that the on-demand convenience platform converted to a public company under the name Swiggy Limited from Swiggy Private Limited as it prepares for a public-market listing later this year.

The food and grocery delivery firm is looking to raise as much as $1 billion from an initial public offering (IPO) set to take place later this year. As per media reports, Swiggy will file its draft red herring prospectus (DRHP)—a public document listing an IPO-bound company’s objectives for the offer—over the next few months.

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Swiggy joins the likes of FirstCry and Ola Electric to list on the bourses at a time when global markets continue to suffer amid larger macroeconomic uncertainty. New-age brands, however, are attempting to defy short and long-term imbalances.

Last year in May, Swiggy said its food delivery business had turned profitable for the first time in March 2023. This includes all corporate costs, excluding costs for employee stock ownership plan, Swiggy Co-founder and CEO Sriharsha Majety had written in a blog post at the time.