Baron Capital raises Swiggy's valuation by 13% to $12.1 billion

This marks a 13 per cent increase from its previous valuation of $10.7 billion in 2022

Baron Capital Group has raised the valuation of food-delivery platform Swiggy to $12.1 billion on Friday, March 8, 2024.

This marks a 13 per cent increase from its previous valuation of $10.7 billion in 2022, reported The Economic Times.

The US-based asset manager had previously invested in Swiggy during a $700 million funding round in January 2022.

The fund managed by Baron Capital held a stake worth $87.2 million in Swiggy's parent company as of December 31, up 17 per cent from the previous quarter's $74.4 million. Initially, the stake was valued at $76.8 million.

Investment firms like Baron Capital periodically reassess the value of their investments in privately held companies like Swiggy based on various factors, including events within the company and the performance of comparable peers on the stock market.

Baron Capital Group also holds stakes worth over $11 million in Swiggy's competitor, Zomato. Zomato's market capitalisation stood at over $17 billion on Friday.