US investor Baron capital values Swiggy a $14.7Bn a reduction of 2.6% from last years valuation:

US investor Baron Capital has valued the food-tech company Swiggy at $14.74 billion as of June 2024, as per the information on its website. This marks a 2.6% decrease from its previous valuation of $15.1 billion by Baron Capital in March.

The decrease in valuation in June is attributed to the depreciation of the rupee.

Amidst these developments, Swiggy is preparing for its Initial Public Offering (IPO). The Bengaluru-based company has received approval from its shareholders to proceed with a $1.25 billion IPO and has reportedly submitted confidential filings to SEBI in May.

Swiggy aims to raise up to Rs 3,750 crore ($450 million) through a fresh issue of equity shares and an offer for sale totaling Rs 6,664 crore ($800 million) in its IPO.

For the first three quarters of FY24, Swiggy reported a revenue of Rs 5,476 crore from operations and a loss of Rs 1,600 crore. Entrackr had exclusively reported these financial figures and a secondary pitch by the company in April.

On Friday, ET reported that Swiggy investor 360 One WAM appraised the company at $11.5 billion as of June.

In anticipation of the IPO, Swiggy launched its fifth ESOP liquidity program valued at $65 million in July, claiming to have facilitated over Rs 1,000 crore in ESOP liquidity across five events, benefiting 3,200 employees.

Meanwhile, Swiggy's competitor Zomato is valued at $28.3 billion, according to stock exchange data. Led by Deepinder Goyal, Zomato reported a revenue of Rs 4,206 crore and a profit of Rs 253 crore in the first quarter of FY24.

The UBS report indicates that Zomato's order growth increased by 1.6% month-over-month in July, while Swiggy's orders declined by 4.6%. Year-over-year, Zomato saw a 29% increase in orders compared to Swiggy's 11% growth.