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Business News/ Companies / News/  Invesco slashes Swiggy's valuation by half to $5.5 billion: Report

US-based fund manager Invesco has slashed the valuation of food and grocery delivery platform Swiggy, according to media reports.

Invesco has slashed Swiggy’s valuation to $5.5 billion from $8.2 billion, according to Tech Crunch.

This is the second time that Invesco's has markdown for Swiggy in less than a year. Earlier in April, it had reduced the company's valuation to $8.2 billion from $10.7 billion.

Invesco valued Swiggy's shares at $4,759 per share in October 2022, which is down from $6,212 in July of the same year. This has put Swiggy's valuation at $8.2 billion.

The fresh valuation is about 32 per cent lower from the $8.2 billion that Invesco had given. Invesco had led the $700 million funding round in Swiggy. When it infused $700 million in Swiggy in January last year, it valued the food-tech giant at $10.7.

In total, Swiggy’s valuation has been lowered by 48.6 percent from January last year, putting it behind its listed peer, Zomato, which had a market capitalization of around $6.9 billion on May 8.

Swiggy is also the second decacorn that has seen its valuation halve. Earlier this year, Blackrock cut edtech giant, Byju’s valuation to around $11.5 billion, from a high of $22 billion when the edtech sector was booming during the Covid years. Further, in September 2022, SoftBank reportedly marked down Oyo’s valuation from $10 billion to $2.7 billion.

Swiggy had let go of 380 employees in January this year as the co-founder and CEO, Sriharsha Majety said the food delivery market was slowing and even Swiggy's peers have been affected.

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Updated: 08 May 2023, 10:28 PM IST
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