American asset manager Invesco has increased its valuation of Swiggy, estimating the Indian food delivery and quick commerce startup to be worth approximately US$13.3 billion as it approaches its upcming IPO next month.

As of July 2024, Invesco’s Developing Markets Fund reported a valuation of its 28,844 shares in Swiggy at US$219.25 million, an increase from its initial investment of US$190.47 million.

Invesco’s investment in Swiggy began in early 2022 as part of a US$700 million funding round that valued the company at US$10.7 billion.

However, revisions in April 2024 saw that valuation rise to approximately US$12.3 billion. Valuing privately held companies typically involves comparing their stock performance against publicly traded competitors.

Meanwhile, Swiggy plans to raise US$1.4 billion from next month’s IPO, aiming for a valuation range between US$13 billion and US$15 billion.