Baron Capital boosts Swiggy’s valuation to $12.16 billion in the US

Baron Capital boosts Swiggy’s valuation to $12.16 billion in the US

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US-based Baron Capital ups Swiggy's valuation to $12.16 bn

US-based Baron Capital has increased IPO-bound online food delivery platform Swiggy’s valuation to $12.16 billion, exceeding the $10.7 billion post-money valuation from early 2022. Baron Capital raised the value of its share in Swiggy to $87.2 million, up from the original $76.7 million investment, as per TechCrunch.

Baron Capital stated, “Swiggy commands roughly 45 per cent market share in the Indian food delivery sector and is well positioned to benefit from structural growth in online food delivery in India.” The firm believes that India’s food delivery industry is still in its early stages and will continue to grow due to factors like a growing middle class, rising disposable income, higher smartphone penetration, and changing consumer preferences.

Last year, Baron Capital reduced Swiggy’s fair value by an additional 10 per cent, resulting in a valuation of $6.5 billion as of March 31, 2023. Invesco also recently raised Swiggy’s valuation to about $8.3 billion, marking the second consecutive increase by the global asset management company.

The continuous rise in valuation reflects the confidence from investors in Swiggy’s potential for growth and success in the competitive online food delivery sector in India. With strategic investments and a strong market position, Swiggy is poised to capitalize on the expanding market and changing consumer behavior in the country.

IANS, established in 1986, is India’s largest independent news service, offering 24×7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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