Invesco raises valuation of Swiggy to $8.3 bn

US asset manager Invesco has raised the valuation of Indian food delivery platform Swiggy to Rs 69,033 crore ($8.3 billion) from Rs 65,291 crore ($7.85 billion) in October in a second straight markup, regulatory filings showed.

The valuation hike comes as the Softbank-backed company prepares for its stock market debut later this year. In September, it resumed talks with bankers for its IPO plans after halting the process due to weak markets, Reuters reported.

Invesco is a minor shareholder in Swiggy, owning barely 2 per cent of the company.

However, the current valuation remains below its previous value of Rs 88,981 crore ($10.7 billion), when it raised funds in January 2022.