Indian food tech firm Swiggy received a valuation cut from Baron Capital, a US-based asset management firm. 

According to a report by the Economic Times (ET), the firm marked Swiggy’s valuation down by 34% to $7.1 billion as of December 2022. It took part in the food tech unicorn's funding round in January, where the start-up raised $700 million at a valuation of $10.7 billion. 

Prior to this, Baron Capital lowered the company’s valuation to $6.7 billion as of June 2022. The investor bagged a stake in the food and grocery company just six months before that. 

Swiggy also witnessed a reduction in valuation from Invesco. The company lowered its valuation by 33 per cent to $5.5 billion from $8.2 billion. It earlier marked down the company’s valuation from $10 billion. 

The news came after Janus Henderson filed a valuation slash in the Indian online pharmacy start-up PharmEasy. As per its regulatory filings with the US Securities and Exchange Commission (SEC), the firm marked the Mumbai-based start-up's parent API Holdings' valuation down by 50 per cent to $2.8 billion as of December 31, 2022. It acquired a stake in the company in September 2021. 

Prior to this, Neuberger Berman, a New York-based investment management firm cut down PharmEasy’s valuation by 21 per cent to 4.4 billion as of February 28. 

Apart from Swiggy and PharmEasy, a lot of other late-stage start-ups faced valuation slash from investors. These start-ups include Byju Raveendran-led edtech firm Byju’s, Indian fintech firm Pine Labs, and ride-hailing platform Ola.