US-based investor Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report filed with the US Securities and Exchange Commission (SEC).
Invesco valued Pine Labs at $3.5 billion as of April 30, down from $3.8 billion as of January 31 and $4.8 billion as of December 31, 2023. Invesco owns around 2.8% of Pine Labs, while Baron Funds holds around 1.3%, and Peak XV Partners owns approximately 20.6%, according to data from Tracxn. This valuation adjustment comes as Pine Labs undergoes a reverse flipping process and received court approval in May to merge its Singapore entity with its domestic one.
Regarding Swiggy, which is preparing for an IPO, Invesco has slightly lowered the fair value of the food and grocery delivery company as of April 30, compared to the previous quarter. On January 31, Invesco valued Swiggy at $12.7 billion, while US-based asset manager Baron Capital increased Swiggy’s valuation to $15.1 billion as of March 31, a 25% jump from the last recorded fair value.
Swiggy has confidentially filed its prospectus with the Securities and Exchange Board of India (SEBI) for a $1.25 billion initial public offering (IPO). Founded by Sriharsha Majety, Rahul Jaimini, and Nandan Reddy, Swiggy has raised over $3.6 billion from investors including SoftBank, DST Global, Alpha Wave Global, Accel, Norwest Venture Partners, Prosus, and Elevation since its inception in 2014.
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