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Baron boosts Swiggy valuation to $12.16B, above prior private market value
Baron Capital, an investor in Indian food delivery startup Swiggy, has increased the value of its stake in the Indian firm, implying a valuation of $12.16 Baron Capital, an investor in Indian food delivery startup Swiggy, has increased the value of its stake in the Indian firm.
It added: “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. Swiggy reported last year that it had pared its expenses and its food delivery business had turned profitable, a feat it has maintained since. Shares of Zomato, Swiggy’s chief rival, have surged in the past six months as the Gurugaon-headquartered firm improves its finances.
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