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IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report
Business Today
·
1y ago
Medial
US asset manager Baron Capital Group has increased the fair value of Indian food-delivery app Swiggy, boosting its valuation by 13% to $12.16bn in anticipation of its upcoming IPO. The valuation update was revealed in filings with the US Securities and Exchange Commission. Baron Capital had previously invested in Swiggy during a $700m funding round in January 2022. As of the end of December 2023, the asset manager held a stake worth $87.2m in Swiggy's parent company. Swiggy is planning to go public in mid-2024 with a projected $1bn IPO.
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Invesco raises IPO-bound Swiggy's valuation for second time in a row to $8.3 billion
Money Control
·
1y ago
Medial
Swiggy's valuation has been raised for the second consecutive time by Invesco, a US-based asset management company. The foodtech major now stands at a valuation of $8.3 billion, up from $7.85 billion last year. This increase comes after Swiggy experienced back-to-back valuation cuts, with its value dropping to $5.5 billion at one point. The latest markup from Invesco indicates that Swiggy's worth is now lower than its valuation of $10.7 billion in January 2022. Swiggy is currently preparing for a potential IPO to raise over $1 billion.
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Baron Capital marks up fair value of Swiggy at $12.1 billion
Thehindubusinessline
·
1y ago
Medial
Asset manager Baron Capital Group has increased the fair value of Indian food-delivery platform Swiggy to $12.1 billion, up from $10.7 billion in its previous funding round. The valuation, disclosed in filings with the US Securities and Exchange Commission, marks the third consecutive mark-up by the asset manager. In December, Baron Capital's stake in Swiggy's parent company was valued at $87.2 million, a 17% rise from the previous quarter. Swiggy is preparing for a $1 billion initial public offering, with an offer-for-sale segment of at least $600 million.
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Baron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise
Economic Times
·
1y ago
Medial
Baron Capital Group has raised the fair value of Indian food delivery platform Swiggy to $12.1 billion, a 13% increase from its last funding round. The move marks the third consecutive time Baron Capital has raised the value of its holding in Swiggy, with the latest valuation reflecting the company's performance as of December 2023. Additionally, Baron Capital holds stakes in Swiggy's competitor, Zomato, worth over $11 million. Swiggy is planning a $1 billion IPO, with a substantial offer-for-sale component for existing investors.
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IPO-bound Swiggy converts itself into a public entity
Entrackr
·
1y ago
Medial
Foodtech and quick commerce decacorn Swiggy has converted into a public entity, as per the resolution passed by the board of directors of the company with the Registrar of Companies. This marks the company’s concrete step towards a definitive IPO plan in the second half of this year. The name of the holding company has been changed from Swiggy Private Limited to Swiggy Limited. In February, Bundl Technologies Private Limited changed its name to Swiggy Private Limited. The company said that will help it to establish greater proximity and identification of the company’s corporate name with the company’s core brand. Swiggy has been readying itself for public listing for quite some time and the Bengaluru-based firm may file IPO papers soon. As per media reports, the company will seek a valuation in the range of $12-15 billion. The firm recently appointed Suparna Mitra as an independent director to its board. While Swiggy claimed that its food delivery business turned profitable as of March 2023, the firm reported Rs 4,179 crore in overall loss during FY23. Moreover, the company booked Rs 5,476 crore in revenue from operations during the first three quarters of the financial year FY24 and recorded $200 million (approximately Rs 1,600 crore) loss for the nine months. Entrackr had exclusively reported about Swiggy’s financial three quarters (FY24) numbers in the last week of March. Last month, US-based asset management firm Baron Capital marked up the valuation of Swiggy to $12.1 billion up from $10.7 billion during the last fundraise in January 2022. It’s one of the few IPO-bound companies that saw back to back valuation markup by early investors.
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Baron Capital marks up Swiggy’s valuation to $15.1 Bn
Entrackr
·
1y ago
Medial
US-based asset manager Baron Capital has marked up the valuation of Swiggy to $15.1 billion, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is a nearly 25% jump in the company’s valuation from $12.1 billion estimated by Baron as of December 2023. Soon after Baron’s mark up, Swiggy’s early backer Invesco also increased its valuation to $12.7 billion in April. The development was first reported by ET. 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 confidential route in May. Before filing IPO papers, Swiggy was pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. Entrackr exclusively reported the development. Swiggy recorded Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and secondary pitch by the company in April. In FY23, its revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore. Besides Swiggy, Pine Labs, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months. Swiggy’s arch rival Zomato is currently valued at $18.7 billion, as per stock exchange data. The latter recently hit a market cap of $21 billion. Meanwhile, Baron has marked down edtech company Byju’s valuation to only $24 million as of March 2024. Earlier, BlackRock had already slashed the company’s valuation to $1 billion from $22 billion in early 2022.
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Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn
Entrackr
·
1m ago
Medial
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn The development comes as Lenskart prepares for its initial public offering (IPO), with plans to raise $1 billion at a targeted valuation of $10 billion. Fidelity has revised the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, as per its latest monthly portfolio holdings update. In November, Fidelity valued the Peyush Bansal-led company at $5.6 billion. In June 2024, Lenskart raised $200 million via a secondary round, followed by a $20 million investment led by Bansal. As of now, the company has secured nearly $1 billion and reached a valuation of $5 billion during the secondary deal in which Fidelity also participated. Just last week, the company converted its holding entity from a private limited to a public limited company, a move exclusively reported by Entrackr. Media reports also suggested that Lenskart is set to file its draft red herring prospectus (DRHP) confidentially with the markets regulator by the end of this month. Lenskart inched closer to profitability in FY24, with losses narrowing sharply by 84% to Rs 10 crore from Rs 63 crore in FY23. The company’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24. Its FY25 result has yet to be reported. Lenskart is also exploring the acquisition of location intelligence startup GeoIQ.
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Invesco marks up Swiggy’s valuation to $12.7 Bn
Entrackr
·
1y ago
Medial
Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn. This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggy’s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firm’s valuation to $12.1 billion in March this year. ET reported the development first citing US Securities and Exchange Commission filings. The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackr’s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development. Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public in this or early next year. This is a developing story…
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Hindustan Composites invests Rs 5.2 crore in Swiggy
Economic Times
·
10m ago
Medial
Automobile materials manufacturer Hindustan Composites Ltd has invested Rs 5.17 crore in Swiggy. The company purchased 1.5 lakh shares of Swiggy, joining other investors in the food delivery and quick-commerce major. Swiggy has filed for a $1.25 billion IPO and has received investments from Amitabh Bachchan's family office and Raamdeo Agrawal, among others. The valuation of Swiggy has reportedly reached $11.5 billion, with the latest investment round valuing it at $10.7 billion. Hindustan Composites' investment further strengthens Swiggy's position in the market.
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Baron values Swiggy at $12.16B, above prior private market valuation
TechCrunch
·
1y ago
Medial
Baron Capital has increased the value of its stake in Indian food delivery platform Swiggy, indicating a valuation of $12.16 billion. This surpasses Swiggy's previous post-money valuation of $10.7 billion. The valuation increase is significant for Swiggy, as its value had previously been marked down to $5.5 billion. Baron Capital stated that Swiggy is well-positioned to benefit from the growth in online food delivery in India and that the industry is still in its early stages. Swiggy, which holds a 45% market share, plans to file for an IPO this year.
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IPO-bound Swiggy trails Zomato in key metrics
The Arc Web
·
1y ago
Medial
Swiggy's food delivery business grew 17%, reaching a gross merchandise value of $1.43 billion in H1 2023. However, Zomato's gross order value was 16% higher at $1.66 billion, indicating higher market share. Prosus, Swiggy's major shareholder, plans to reduce its 32.7% stake before Swiggy's IPO. Swiggy's EBITDA losses in food delivery fell 89%, driven by improved contribution margins. Instamart, Swiggy's rapid-grocery unit, saw a 63% sales increase, aiming for profitability in its 25 operating cities.
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