U.S. asset manager Invesco has raised its valuation of Swiggy, assigning an implied valuation of approximately $13.3 billion to the Indian food delivery and quick-commerce startup, which is preparing to go public in about a month.

In a disclosure made on Tuesday, Invesco’s Developing Markets Fund reported that it valued its 28,844 shares in Swiggy at $237.24 million as of the end of July 2024. The asset manager initially purchased these shares for $190.47 million.

Invesco first invested in Swiggy in early 2022, leading a $700 million funding round that valued the Bengaluru-based startup at $10.7 billion. The firm has maintained a cautious approach regarding its assessment of Swiggy's value. Following a market dip in 2023, Invesco reduced its estimated valuation of Swiggy to $5.5 billion by the end of July 2023, and later held it at about $12.3 billion by the end of April this year.

Different firms utilize various methodologies to assess the valuation of privately-held companies, often benchmarking against the market performance of publicly listed competitors. Swiggy's primary rival, Zomato, has experienced a market capitalization ranging between $22 billion and $30 billion in recent months.

Another investor in Swiggy, Baron, which owns fewer shares than Invesco, valued the company at $15.1 billion at the end of March this year. In a letter from June, Baron noted, “Swiggy is well positioned to benefit from structural growth in online food delivery in India. We believe India’s food delivery industry is still in its infancy and will continue to scale over the next several years, thanks to a growing middle class, rising disposable income, higher smartphone penetration, and structural shifts in consumer preferences driven by a tech-savvy, younger population.” They also highlighted the duopoly between Swiggy and Zomato, which could bode well for future profitability and scale.

This increase in valuation comes at a time when many investors are reducing the value of their holdings in various Indian and international startups. For instance, Invesco has lowered its valuation of the merchant payments startup Pine Labs to $3.3 billion from a peak of $5.5 billion.

In a June update, wealth and asset manager 360 One reported a valuation of $2.9 billion for VerSe, an Indian startup that operates the news aggregator Dailyhunt, down from the $5 billion valuation during its last private funding round in April 2022. They also valued online meat and seafood retailer Licious at about $900 million and edtech company upGrad at $1.9 billion, as previously reported by TechCrunch.

Swiggy is looking to raise up to $1.4 billion in its IPO, with a valuation range between $13 billion and $15 billion.