Food delivery unicorn Swiggy’s wealth managers are pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy the company’s shares at a 20% discount on its current valuation, Entrackr reported citing three sources aware of the details.
“The company is offering shares at Rs 350 a piece and at a valuation of Rs 80,000 crore ($9.6 billion). This is roughly a 20% discount. The minimum investment in the round is Rs 25 lakh,” the report said citing one of the sources. Swiggy’s current valuation stands at around $12 billion.
One of its investors, US-based asset management company Invesco, has recently marked up the valuation of Swiggy by 19% to $12.7 billion. This is the third-straight valuation markup by Invesco, and comes at a time when the unicorn is preparing for a $1-billion IPO later this year.
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Besides Invesco, another investor Baron Capital has also marked up the fair value of its stake in Swiggy last month, by nearly 17% to $87.2 million as of December 31, from $74.7 million in the previous quarter. This put Swiggy’s valuation at $12.1 billion, 13% higher than the $10.7 billion when it last raised funds in 2022.
Swiggy’s latest valuation of $12.7 billion still lags considerably behind that of listed rival Zomato’s at nearly $20 billion. To prepare for its IPO, Swiggy had changed its registered name from Bundl Technologies to Swiggy in February and as per latest Registrar of Companies filings, the company has converted itself into a public limited company.
In FY23, Swiggy’s revenue from operations had grown about 45% to Rs 8,264.6 crore, compared to Rs 5,705 crore in the preceding year. Its losses also increased 15% to Rs 4,179 crore during the year, compared to Rs 3,629 crore in FY22.
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