After Invesco, Swiggy’s investor Baron Capital further chops its valuation by 34%

US-based asset management firm Baron Capital has marked down foodtech major Swiggy’s valuation by 34 per cent to $7.3 billion as of December 2022, as per the filings with the Securities and Exchange Commission (SEC). The investor paid $76.8 million for 11,578 shares. 
 
Baron Capital participated in an investment round in January last year when Swiggy raised $700 million. The fundraise was led by US-based investment firm Invesco and saw the participation of Baron Capital, Sumeru Venture, IIFL, among others. 
 
This development comes a week after Invesco has slashed foodtech giant Swiggy’s valuation to about $5.5 billion. 
 
Moreover, the food delivery giant has been taking measures to cut costs, dispose of the non-viable business verticals and aim for profitability. The company is reportedly undertaking these activities to make a debut on the stock market soon. 
 
For instance, the company recently pulled the plug on its premium grocery delivery pilot program, Handpicked, which was functional in several parts of Bengaluru. It also shut down its meat marketplace vertical in January and laid off 380 employees as part of a company-wide restructuring activity in the same month. 
 
Swiggy apart, in the last few months, several tech unicorn companies have seen their valuations getting slashed. 
 
US-based asset manager BlackRock reportedly cut the edtech giant BYJU’S valuation by nearly half to $11.5 billion a month ago. 
 
Even travel tech OYO, which is gearing up for its IPO despite the market conditions, saw its valuation dropping to $6.5 billion from $12 billion after the company’s key investor SoftBank reduced the value of its stake in the start-up.
 
Another US-based investor Vanguard has slashed the valuation of ANI technologies, the parent firm of Ola, by 35 per cent to $4.8 billion. Ola was previously valued at $7.4 billion.
 
In its recent filings, US-based Neuberger Berman has marked down the valuations of fintech firm Pine Labs and medtech start-up PharmEasy by 21.6 per cent and 39 per cent respectively.

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