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This development has come weeks after it was reported that Baron Capital marked down the Bengaluru-based company’s valuation by 34 per cent to $7.3 billion as of December 2022.
This development comes a week after US-based investment firm Invesco has slashed foodtech giant Swiggy’s valuation to about $5.5 billion.
The US investment firm cut the value of its stake in Swiggy in October, according to a TechCrunch report.
Foodtech giant Swiggy’s net loss jumped 2.2X to INR 3,628.9 Cr in FY22 from INR 1,616.9 Cr in FY21 as its expenses more than doubled.
Together these 20 startups raised a total of $7.6 billion in 2022.