New Delhi, May 9 (IANS): US-based investment company Invesco has further slashed online food delivery platform Swiggy's valuation in its holding to about $5.5 billion.

According to regulatory filings with the US Security and Exchange Commission (SEC), Invesco valued Swiggy's shares at $3,305 (as of January 31, 2023) -- down from $4,759 in October 2022.

In October last year, Invesco had already reduced the valuation of its holding in Swiggy to about $8 billion.

Swiggy had reached a $10.7 billion valuation in a round led by Invesco in January last year.

The revised valuation represents a massive 49 per cent decrease from the $10.7 billion valuation. The valuation cut in Swiggy was first reported by TechCrunch.

Swiggy has been preparing to launch its initial public offering (IPO).

The company is yet to make its FY23 numbers public. It clocked a 2.2-times growth in its gross merchandise revenue (GMV) to reach Rs 5,705 crore in FY22.

However, its losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the previous fiscal year.

Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22, according to its annual financial statement.

The online food delivery platform Swiggy last week said it disbursed more than Rs 31 crore in claim amounts to its delivery partners in the fiscal year 2022-2023.

The platform has nearly three lakh delivery partners across more than 500 cities.

In March, Swiggy sold its Cloud Kitchen business to Kitchens@, a leading player in the rapidly growing cloud kitchen industry, for an undisclosed sum, as the growth rate for food delivery slows down.