Swiggy cuts IPO valuation again, to $11.3 bn, BlackRock and CPPIB to invest

Indian food delivery giant Swiggy has slashed its IPO valuation again, to $11.3 billion, 25 per cent below the initial goal of $15 billion as market volatility and the lacklustre debut of Hyundai India weigh on sentiment, two sources said on Sunday.

BlackRock and Canada Pension Plan Investment Board (CPPIB) will invest in the $1.4 billion IPO, which will be the country’s second-biggest stock offering this year, the sources told Reuters.

Swiggy, Blackrock and CPPIB did not immediately respond to requests for comment outside business hours.