US investor Baron Capital has valued food-tech company Swiggy at $14.74 billion as of June 2024, according to filings with the US Securities and Exchange Commission (SEC). This represents a decrease of approximately 2.6% from the previous $15.1 billion valuation estimated by Baron Capital in March.

The valuation drop in June is attributed to the depreciation of the rupee.

This adjustment comes as Swiggy prepares for its initial public offering (IPO). The Bengaluru-based company has received shareholder approval for its $1.25 billion IPO and reportedly filed confidential papers with SEBI in May.

The food-tech company plans to raise up to 3,750 crore ($450 million) through a fresh issue of equity shares and an additional 6,664 crore ($800 million) through an offer for sale in its initial public offering.

For the first three quarters of FY24, Swiggy reported 5,476 crore in revenue from operations and a 1,600 crore loss. Entrackr had previously disclosed these financial figures and a secondary pitch by the company in April.

In preparation for the IPO, Swiggy also launched its fifth ESOP liquidity program in July, valued at $65 million. This initiative has facilitated over rs.1,000 crore in ESOP liquidity across five events, benefiting 3,200 employees.

Swiggy's competitor, Zomato, is valued at $28.3 billion, based on stock exchange data. Under the leadership of Deepinder Goyal, Zomato reported strong financial performance for the first quarter of FY24, with revenues totaling 4,206 crore and profits of 253 crore.

According to a UBS report, Zomato experienced a 1.6% increase in order growth month-over-month in July. In contrast, Swiggy saw a decline of 4.6% in its order growth for the same period. On a year-over-year basis, Zomato achieved a substantial 29% growth in orders, while Swiggy's order growth was significantly lower at 11%.

Read More News :

An Overview: 3DEXPERIENCE Cloud Summit by Dassault Systemes-The Innovation Pioneers

Ex Business Head of Tech Mahindra Jagdish Mitra launches new startup Humanize