At the end of April 2024, US-based fund manager Invesco reduced the valuations of two portfolio startups on its books: Pine Labs and SwiggySwiggy Datalabs_in-article-icon, which is headed for an IPO.
According to the US Securities and Exchange Commission (SEC) half-yearly shareholder report that Invesco filed, the company estimated that the value of its 28,844 shares, or roughly 1.77% of Swiggy, would be $219.2 million by the end of April 2024. This means that the food tech major is valued at $12.3 billion.
This valuation is 3% less than the $12.7 billion that a US-based investor’s fund allegedly last assessed the food tech giant at. The most recent figure, $12.3 billion, is still roughly 15% greater than the $10.7 billion valuation of Swiggy’s $700 million decacorn round in 2022, led by Invesco.
In the meantime, Pine Labs, a fintech startup, was valued at $3.5 billion by the end of April 2024 by Invesco, down 8.5% from $3.8 billion in January 2024. Additionally, the amount is less than 27% of the $4.8 billion that Invesco predicted Pine Labs would be worth by the end of December 2023.
Swiggy is preparing for its bourse listing, which coincides with the valuation reductions. The food tech company has submitted its draft red herring prospectus (DRHP) for its rumored $1.25 billion initial public offering (IPO) to market regulator Securities and Exchange Board of India (SEBI) through a confidential filing method.
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