US-based investment firm Invesco has slightly reduced the valuations of Indian food delivery giant Swiggy and fintech firm Pine Labs, both of which are gearing up for their respective IPOs.

What Happened: According to an update submitted to the US Securities and Exchange Commission (SEC), Invesco’s stake in Swiggy was valued at $219 million (around ₹1,829 crore) as of April 30, a minor dip from $220 million (around ₹1,837 crore) in the previous quarter, reported Moneycontrol.

This suggests a valuation of $12.3 billion (around ₹1.02 lakh crore) for Swiggy, a slight drop from Invesco’s previous estimate of $12.7 billion (around ₹1.06 lakh crore). However, despite the markdown, Swiggy’s valuation for Invesco is still higher than it was in 2022.

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Invesco led the last fundraising round for Swiggy in January 2022, where the Bengaluru-based startup raised $700 million (around ₹5,847 crore) at a $10.7 billion (around ₹89,381 crore) valuation.

Invesco’s valuation of Pine Labs, which recently moved its base from Singapore to India, has also been revised. As of April 30, Pine Labs was valued at $3.5 billion (around ₹29,236 crore), down 8% from the previous estimate of $3.8 billion (around ₹31,742 crore).

Swiggy’s early investors reportedly reduced their stake in the company on July 9 ahead of its much-anticipated IPO.

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