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US investment firm Invesco has slashed Swiggy’s valuation from $10.7 billion to $8 billion amid tough market conditions, according to a recent filing seen by TechCrunch.

Invesco devalued its stake in Swiggy in October last year, just 10 months after it invested in the company at a $10.7 billion valuation, filings accessed by TechCrunch showed.

Swiggy had raised $700 million in January 2022 from a clutch of investors, including Invesco, Baron Capital Group, Sumeru Venture, IIFL AMC’s late stake tech fund, Kotak, Qatar Investment Authority, and others in a round that made it one of India’s most valuable startup.

But volatility in Zomato‘s stock price, Swiggy’s biggest competitor, has engendered apprehensions about its business, notably in light of the economic downturn and the concomitant decline in consumer confidence.

Swiggy did not respond to YourStory’s request for a comment on the report.

In FY22, Swiggy reported a widening in loss, even as its revenue rose two-fold.

The company recorded a loss of Rs 3,629 crore in FY22 versus a loss of Rs 1,617 crore last year. Expenses shot up to Rs 9,574 crore from Rs 4,139 crore last fiscal, led by an increase in the cost of product procurement and advertising expenses.

The company earned a revenue of Rs 5,705 crore in FY22, up from Rs 2,457 crore in FY21.

Global investors have been devaluing their stakes in several startups, including Indian startups, in recent months. BlackRock nearly halved BYJU’s valuation to $11.5 billion from $22 billion, according to TechCrunch. Prosus had also devalued its stake in BYJU’s recently.

Last year, SoftBank cut Oyo‘s valuation to $2.7 billion from $10 billion.