Tag: invesco

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.

Shares of Zee Entertainment zoomed in as much as 39.14% to Rs 260 apiece on Tuesday after top investors of the company have sought the removal of current Managing Director Punit Goenka and two independent directors Manish Chokhani and Ashok Kurien from the board. Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold 17.88 percent of the total paid-up share capital of the company, have demanded the removal of CEO Punit Goenka and have also sought the appointment of six independent directors. Invesco Developing Markets Fund and OFI Global China Fund LLC’s move to call an extraordinary general meeting seeking the removal of Goenka was a positive development for corporate governance, experts said. Chokhani and Kurien have submitted their resignations with immediate effect before the extraordinary general meeting (EGM). Read more