This development has come weeks after it was reported that Baron Capital marked down the Bengaluru-based company’s valuation by 34 per cent to $7.3 billion as of December 2022.
US-based asset management firm Baron Capital has slashed foodtech major Swiggy’s valuation yet again by another 10 per cent effectively valuing the company at $6.5 billion as of March 31, 2023. The company has estimated the fair value of its stake in the company at about $45.76 million, according to the investor’s filings on the Securities and Exchange Commission (SEC).
This development has come weeks after it was reported that Baron Capital marked down the Bengaluru-based company’s valuation by 34 per cent to $7.3 billion as of December 2022.
Baron Capital participated in an investment round in January last year when Swiggy raised $700 million. The fundraise was led by US-based investment firm Invesco and saw the participation of Baron Capital, Sumeru Venture, IIFL, among others.
Baron apart, US-based Invesco also slashed Swiggy’s valuation to about $5.5 billion as per its recent filings. Despite the markdown, Swiggy on May 18 announced that it has turned profitable.
The news was shared by the company’s co-founder and CEO Sriharsha Majety, who announced it in a blog post on Thursday. He wrote, “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.”
“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,” Majety wrote in the post.