US-based prominent asset manager Baron Capital has once again increased the valuation of Swiggy, the IPO-bound online food delivery platform, to $15.1 billion.
According to recent US Securities and Exchange Commission (SEC) filings, as of March 31, the valuation of Swiggy has grown 24% from what Baron Capital had said in its previous assessment, pegging the company at $12.2 billion.
This is a big jump from the last active preparation valuation for Swiggy, which is preparing for its imminent IPO. The company recently received the shareholders' nod to move forward with its $1.25 billion IPO and is likely to have filed the documents to capital markets regulator SEBI in May via the confidential filing route.
According to regulatory disclosures, Swiggy intends to raise up to Rs 3,750 crore through a fresh issue and approximately Rs 6,664 crore via an offer-for-sale (OFS) component.
Financial figures from Swiggy's operations during the first three quarters of the fiscal year FY24 indicate a revenue of Rs 5,476 crore, juxtaposed with a loss of Rs 1,600 crore.
Swiggy said it had clocked Rs 8,265 crore in revenue during the just-concluded financial year FY23 but maintained high losses at Rs 4,179 crore.
More importantly, the online food delivery space is dynamic and competitive, as Invesco's is another United States-based investment firm that appraised Swiggy's valuation at $8.3 billion just earlier this year.
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