Swiggy valuation slashed: US investor, Baron Capital cuts its valuation by 34%

A US-based investor has cut the value of its stake in Swiggy by 34% to $7.3 billion as of December 2022. Baron Capital holds about 0.7 percent stake in Swiggy.

This development comes a week after Invesco slashed foodtech giant Swiggy’s valuation to about $5.5 billion.

Baron Capital invested in Swiggy in January last year and according to the SEC filings, it paid $76.8 million for 11,578 shares of the foodtech platform.

Baron Capital had earlier marked down Swiggy’s valuation to $6.7 billion as of June 2022, six months after buying a stake in the company. It then later raised the valuation to $7.1 billion.

Meanwhile, the food delivery giant has been taking measures to cut costs, dispose of non-viable business verticals in an effort to focus on profitability. The company is reportedly also planning to make its debut on the stock market soon.