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Conditions appear to be wobble favorably for India ’s Swiggy . The food delivery startup — backed by SoftBank , Prosus and Accel — examine its paper valuationslashed by more than half this yearas investor marked their holdings for the most part in response to the dwindling grocery condition . The startup , prize at $ 10.7 billion in a support rhythm early in 2022 , also fall back some market part to Zomato , its arch publicly lean challenger , harmonize to Prosus .
Now , not so much .
Invesco , which lead Swiggy ’s late unit of ammunition and cut its rating to less than $ 5.5 billion , mark up the startup ’s valuation to $ 7.85 billion at July ’s closure , according to a newly published disclosure .
The U.S. plus manager says it count the valuation of similar public company as a factor when reassessing the value of its private investments . Given that shares of Zomato have risen by 33 % since the remnant of July , this could imply that the current $ 7.85 billion valuation for privately held Swiggy may be conservative .
Separately , Swiggy , which is eyeing to make an initial public offer next twelvemonth , looks like closing in on some of the market share it recede to Zomato this class . Swiggy ’s month - on - month volume acquire 7 % this July and 6 % in August , beating Zomato in both month , UBS said in a account this month .
