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US-based investor Baron Capital Group has marked up the valuation of food delivery unicorn Swiggy by 13% to touch $12.1 billion. Swiggy was valued at $10.7 billion when it last raised funds in 2022.
In a regulatory filing for the December quarter 2023 with the US SEC, Baron Capital said it has increased the valuation of its stake in Swiggy to $87.2 million as compared to $74.4 million earlier. The asset manager had participated in the $700 million funding round which Swiggy had raised in 2022.
This is a positive development for Swiggy as another investor Invesco had marked down the valuation of the food delivery company to $5.5 billion in May 2023. However, it later revised it to $9.5 billion on October 31, 2023.
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The mark up in Swiggy’s valuation comes in contrast to other startup unicorns in India like Ola Cabs and Meesho, where the investors have lowered the value of its holdings in these companies.
Swiggy is also getting ready for an initial public offering (IPO) which is slated to happen later this year. It will become the second food delivery company in India to go public after its rival Zomato.
In the month of May 2023, Swiggy had announced that its food delivery business had turned profitable for the first time in March. This includes all corporate costs, excluding costs for employee stock ownership plan, Swiggy co-founder & CEO Sriharsha Majety wrote in a blogpost then.
“This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception,” he said.
Edited by Megha Reddy