Shares of Indian food delivery firm Zomato ended session on Tuesday at a decline of 6%, hours after it became known that Invesco had cut the valuation of its rival Swiggy.
Shares of Zomato ended Tuesday’s trading session at 60.94 Indian rupees (or 74 U.S. cents ), a 6% decline over the day’s opening at 64.80 Indian rupees. The share drop wiped over $400 million in Zomato’s market cap.
TechCrunch first reported on Monday, after local trading hours, that the U.S. asset manager Invesco had slashed the valuation of Swiggy, the chief rival of Zomato, by 48.6% in a year to $5.5 billion. Invesco led a $700 million funding round in Swiggy in January last year, valuing the Bengaluru-headquartered startup at $10.7 billion.
Elsewhere in the world, private market valuations follow public market valuations.
In India, it’s the other way round. Why is price discovery in the Indian markets so poor? https://t.co/NAlY8Os5Dx
— Gaurav Juneja (@gjuneja1) May 9, 2023
Disrupt 2026: The tech ecosystem, all in one room
Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $400.
Save up to $300 or 30% to TechCrunch Founder Summit
1,000+ founders and investors come together at TechCrunch Founder Summit 2026 for a full day focused on growth, execution, and real-world scaling. Learn from founders and investors who have shaped the industry. Connect with peers navigating similar growth stages. Walk away with tactics you can apply immediately
Offer ends March 13.
