New Delhi (India), 9th May 2023: US-based fund manager Invesco has reduced the valuation of food and grocery delivery network Swiggy, according to media reports. Invesco has reduced Swiggy’s capitalisation from $8.2 billion to $5.5 billion.
Swiggy has been marked down for the second time in less than a year by Invesco. It had cut the company’s valuation to $8.2 billion from $10.7 billion earlier in April.
Swiggy’s shares were valued at $4,759 per share by Invesco in October 2022, down from $6,212 in July of the same year. The new valuation is approximately 32% lower than the $8.2 billion provided by Invesco earlier this year.
Swiggy’s worth has fallen by 48.6 percent since January of last year, putting it below its publicly traded competitor, Zomato, which had a market capitalisation of roughly $6.9 billion on May 8.
Swiggy is also the second big company whose valuation has been cut in half. Earlier this year, Blackrock reduced Byju’s valuation to roughly $11.5 billion, down from a high of $22 billion during the Covid years when the edtech sector was growing. Furthermore, SoftBank is said to have reduced Oyo’s valuation from $10 billion to $2.7 billion in September 2022.
Swiggy had laid off 380 employees in January of this year after co-founder and CEO Sriharsha Majety stated that the food delivery sector was slowing and that Swiggy’s competitors were also affected.
