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Invesco slashes valuations of its stake in Pine Labs and Swiggy

Invesco’s cuts comes amid other valuation changes by investors as startups move towards their public listing plans.

Invesco slashes valuations of its stake in Pine Labs and Swiggy

Thursday July 11, 2024 , 2 min Read

US-based investment management company Invesco on Thursday cut the fair value of its stake in fintech firm Pine Labs and food tech giant Swiggy, the company’s half-yearly report revealed.  

Invesco clocked the fair value of its stake in Amrish Rau-led Pine Labs at $58 million in January, cutting it to $52 million in April 2024. The payment services provider had raised $150 million from Alpha Wave back in 2022 in a round that valued the company at $5 billion. Invesco joined Pine Labs in 2021 when it raised $100 million in a round led by Invesco Developing Markets Fund. 

The company logged a 37% jump in operating revenue to Rs 1,280.5 crore in the financial year ended March 2023 from Rs 932 crore reported a year ago. However, topline growth accompanied inflating losses, where the point-sale machine seller witnessed a 2.5X rise in losses—from Rs 22.6 crore to Rs 56 crore in FY23. 

In May, Pine Labs received approval from a Singapore court to merge its Singapore-based entity, Pine Labs Limited, with its Indian company, Pine Labs Private Limited, joining the line of new-age startups vying to shift their bases from domestic territory. According to media reports, Pine Labs was also mulling an IPO of $1 billion at a valuation of more than $6 billion in India, in transactions involving both a primary capital raise and secondary share sale. 

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Invesco also marginally cut the fair value of its stake in Swiggy from $220 million in Jan to $219 million in April 2024. Invesco joined Swiggy in 2022 in a $700 million funding round that valued the food delivery startup at $10.7 billion, according to media reports. 

These developments come after Prosus, one of the early investors in the food delivery firm, said its stake in Swiggy marginally depreciated to 32.65% in 2024 from 32.83% in 2023. In June, Baron Capital, another investor in the company, marked up Swiggy’s valuation to $15.1 billion ahead of the company’s IPO plans. 

Swiggy has confidentially filed for a $1.25 billion IPO with the Securities and Exchange Board. 


Edited by Jyoti Narayan