US investment manager Invesco has marked down the valuation of Indian food delivery giant Swiggy by about a third to ₹45,012 crore, pulling its market cap below publicly listed rival Zomato.

What Happened? According to regulatory filings, Invesco valued Swiggy at around ₹2.70 lakh per share at the end of January, down from ₹3.89 lakh apiece in October 2022. This is the second time the US investor has slashed its valuation in the foodtech firm after earlier downgrading Swiggy’s total worth to around ₹67,101 crore from the ₹87,560 crore valuation it had given the Indian firm when leading the Bengaluru-based firm’s ₹5,734 crore round in January last year.

See also: What Is Swiggy Share Price And How To Buy?

Invesco did not offer a specific reason for the mark-down but said it factored in the information other market participants would use while determining the value of its portfolio.

The blow to Swiggy’s valuation comes as growth in the company’s core food delivery segment has slowed after a massive boom during the pandemic, leading to the company laying off 380 employees. It also shut down its meat delivery marketplace and its gourmet delivery service.

Meanwhile, competitor Zomato has clawed back some market share and its share price has seen some recovery after a dismal performance following its IPO last year.

Swiggy is backed by Japanese investor SoftBank, while Zomato has Singapore’s Temasek as a major investor.

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