Asset manager Baron Capital Group has marked up the fair value of food-delivery platform Swiggy to $12.1 billion. This is higher than the $10.7 billion valuation at which the firm last raised funds in 2022.

Also read: Baron Capital nearly halves Byju’s valuation, marks up Swiggy, Pine Labs

This asset manager, also a part of the $700-million funding round in January 2022, has now marked up the fair value of its holding in Swiggy for the third consecutive time. This latest valuation, disclosed in filings with the US Securities and Exchange Commission, reflects the value of Swiggy as of December 31, 2023.

The asset manager’s fund held a stake worth $87.2 million in Swiggy’s parent company as of December 31 — up 17 per cent from $74.4 million in the previous quarter.

Invesco, another investor, had previously raised Swiggy’s valuation to $9.5 billion as of October 31, 2023.

$1-billion IPO

Swiggy is gearing up for a $1-billion initial public offering (IPO), which is expected to include an offer-for-sale component of at least $600 million, per reports.

Recently, the food and grocery delivery major Swiggy has changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution passed by the shareholders of the company.

Swiggy appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.

Prior to that, the start-up also appointed three new independent directors on its board – Sahil Barua, MD & CEO, Delhivery; Mallika Srinivasan, MD and Chairman, TAFE, and Shailesh Haribhakti, Chairman, Shailesh Haribhakti & Associates — last year. However, Srinivasan stepped down earlier this month.

Also read: Baron Capital slashes Swiggy’s value to $6.5 bn

Swiggy’s operating revenue for the fiscal year ended March 2023 surged by 45 per cent year-on-year to ₹8,265 crore. However, its net loss widened by 15 per cent to ₹4,179 crore during the same period.