The valuation of food and grocery delivery platform Swiggy has been slashed by US-based fund manager Invesco, as per media report.
The valuation has been slashed to $5.5 billion from $8.2 billion.
This is for the second time in less than a year that Invesco has marked for Swiggy. Earlier in April, it had reduced the company's valuation to $8.2 billion from $10.7 billion.
In October 2022, Invesco valued Swiggy's shares at $4,759 per share. It 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% 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.
Overall the valuation of Swiggy has been down by 48.6% from January last year. This has put Swiggy behind its rival 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.
