US-based investor Invesco has slashed Swiggy’s valuation to $8 billion valuation as compared to the $10.7 bn recorded in the previous quarter.
Invesco has led a $700 million funding round in Swiggy in January 2022. businessline queries sent to Swiggy did not elicit a response at the time of press.
This development follows a slew of valuation cuts in the Indian start-up ecosystem. Earlier today, a new website The Arc reported that Byju’s valuation has been halved by its investor Blackrock. Similarly, Prosus too pegged Byju’s valuation at $6 billion in November. Byju’s has raised its last funding round at a valuation of $22 billion. In late 2022, Oyo’s valuation was also reportedly slashed from $10 billion to $2.7 billion by Japanese conglomerate SoftBank.
Earlier today, Swiggy Instamart’s head Karthik Gurumurthy has also stepped down from his role as he plans to take a sabbatical and come back afresh. In November, Prosus said that Swiggy has seen its food delivery GMV (gross merchandise value) grow by 40 per cent to $1.3 billion in the six months period ended September 30, 2022.