Invesco has bumped up the valuation of Swiggy after two consecutive cuts, in yet another indication of dark clouds clearing over the food tech players in India.

The US-based asset manager, which considers the valuation of peers as a factor while gauging the value of its holdings, has upped the valuation of its investment in Bundi Technologies, the parent of Swiggy, to $7.85 billion at the end of July.

It had earlier pegged the value at $5.5 billion in April, which was cut from a little over $8 billion in October 2022. Despite the valuation lift from Invesco, Swiggy is still far away from the peak of $10.7 billion. This decacorn status had come after it raised $700 million in a new funding round in January 2022 which was led by Invesco.

The development comes at a time Swiggy’s major rival Zomato has also seen its market value moving northwards after reporting a profit for the quarter ended June 30. The Zomato share on Tuesday closed at Rs 113.90, giving it a market cap of Rs 98,005 crore or $11.77 billion. It has risen by nearly 82 per cent in one year.

Swiggy has now reportedly raised its platform fee on food delivery orders by 50 per cent to Rs 3 per order. While it was implemented on October 4 in two cities, it was subsequently expanded to all regions.

While Swiggy has been eyeing an IPO in the second half of 2024, Prosus which is one of its investors, disclosed in June that the start-up’s revenues in 2022-23 grew 40 per cent to $900 million though losses came in at $545 million from $300 million a year ago.