US investment firm Invesco slashes Swiggy valuation to $5.5 billion

US investment firm Invesco, which led Swiggy’s previous funding round, has marked down the food delivery giant’s valuation to about $5.5 billion, according to a filing.

In January last year, Swiggy raised $700 million in Invesco-led funding, which made the outfit a decacorn, almost doubling its valuation to $10.7 billion.

In April last year, Invesco estimated the value of its Swiggy shares at $186 million. It now values them at $95 million, according to filings reviewed by tech-focused media platform The Arc.

It said the latest markdown put Swiggy’s valuation below Zomato, which trades with market capitalisation of $6.7-billion.