Swiggy is finalising new financing likely to be led by US asset manager Invesco

Published On: Tuesday, September 28, 2021 | By: Team KnowMyStock

Swiggy is finalising a new financing round of about $500-600 million that is likely to be led by US asset manager Invesco, according to some sources. The exercise is likely to catapult the valuation of the online food delivery company to as much as $10 billion, which is double the valuation ascribed to the seven-year-old venture a few months ago. If the deal fructifies, Swiggy will rank among India’s most valued privately owned startups after ed-tech firm Byju’s and fintech major Paytm, which is slated to go public later this year. The latest financing for Swiggy comes close on the heels of its arch-rival Zomato’s bumper IPO and is being seen as a re-rating exercise for the Bengaluru firm that is presently valued at $5.5 billion. Invesco is likely to plough in about $150-200 million, while existing investors in Swiggy like Falcon Edge, SoftBank Vision Fund, Prosus (formerly Naspers) will pump in the rest of the capital, according to the sources.

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MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

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