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Baron Capital values Swiggy at $14.7 Bn

Entrackr · 4m

US Investor Baron Capital has valued food-tech company Swiggy at $14.74 billion as of June 2024, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is nearly 2.6% down from its last $15.1 billion valuation estimates by Baron Capital in March. The valuation dip in June appears to be a result of rupee depreciation. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via a confidential route in May. The food tech company will raise up to Rs 3,750 crore ($450 million) via fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million) in its initial public offering. Swiggy recorded Rs 5,476 crore in revenue from operations and a Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and a secondary pitch by the company in April. Ahead of the IPO, Swiggy also rolled out its fifth ESOP liquidity programme worth $65 million in July. It claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3,200 employees. Swiggy’s rival Zomato is currently valued at $28.3 billion, as per stock exchange data. The Deepinder Goyal-led firm posted Rs 4,206 crore in revenue with Rs 253 crore in profits in the first quarter of FY24. According to the UBS report, Zomato’s order growth increased by 1.6% MoM in July while Swiggy’s order growth decreased by 4.6%. On a year-on-year basis, Zomato registered 29% growth as compared to 11% growth by Swiggy.