US asset manager Invesco has marked up the valuation of food and grocery delivery platform Swiggy to $8.5 billion in its books as of October 31, it said in its filings made with the US Securities and Exchange Commission.

The asset manager holds 2 per cent take in Swiggy, and this is the second consecutive time Invesco has raised Swiggy’s valuation. In October last year, Invesco had marked up Swiggy’s valuation by 42 per cent to $7.85 billion. The increase to $7.85 billion was, however, after Swiggy saw back-to-back valuation cuts. Earlier in the year, Invesco had slashed the value of Swiggy in its books to $5.5 billion.

The latest valuation, however, is still below Swiggy’s peak valuation of $10.7 billion that was assigned at the beginning 2022 when Invesco led a $700-million round in the company. However, Invesco has also revised the valuation of fintech start-up Pine Labs to $3.9 billion, from $4.1 billion earlier.

to float ipo

Swiggy has reportedly initiated talks with bankers to assess its valuation in August, in preparation for a potential initial public offering (IPO) this year.

In August, Baron Capital, another US asset manager that has invested in Swiggy, marked up its investment to $8.5 billion in August.

Recently, Prosus, Swiggy’s largest shareholder, said the company’s loss narrowed 35 per cent from a year ago to $208 million for the half year ended September 30. Earlier, Prosus had said Swiggy had accrued a loss of about $540 million between January and December 2022.