Invesco Marks Down Valuations Of IPO-Bound Swiggy, Pine Labs

• Invesco valued its 28,844 shares of Swiggy at $219.2 Mn as of April 2024, translating to a $12.3 Bn valuation for the foodtech company.
• Pine Labs' valuation was pegged at $3.5 Bn at the end of April 2024, down from $3.8 Bn in January 2024.
• The valuation cuts come as Swiggy prepares for its $1.25 Bn IPO, having filed its draft red herring prospectus with SEBI.
• Despite the cuts, Swiggy's latest valuation is still 15% higher than its $10.7 Bn valuation during its $700 Mn decacorn round in 2022.
• The valuation adjustments follow a period of funding challenges and losses for Indian unicorns, though investor sentiment has recently improved.

Source: Inc42