US-based Baron Capital boosts Swiggy's valuation to $12.1 billion

A fund managed by US-based asset management firm Baron Capital Group has increased the value of its stake in food delivery giant Swiggy to $12.1 billion. This is 13 per cent higher than the $10.7 billion valuation at which the Bengaluru-based firm last raised funds in 2022. Baron Capital has now reportedly marked up the fair value of its holding in Swiggy for the third consecutive time. It had participated in the $700-million funding round of the firm in January 2022. This latest valuation, disclosed in filings with the US Securities and Exchange Commission, reflects the value of Swiggy as of December 31, 2023. It has marked up the value of its stake in Swiggy to $87.2 million from its original investment of $76.7 million in the firm. Last year, US investment firm Invesco, which led Swiggy’s previous funding round, marked down the food delivery giant’s valuation by 33 per cent from $8.2 billion to about $5.5 billion. After this, Invesco also marked up the valuation of Swiggy to $7.85 billion after slashing it twice in four months in 2023. In January 2022, Swiggy raised $700 million in Invesco-led funding, which made the outfit a decacorn, almost doubling its valuation to $10.7 billion.