Swiggy is well positioned to benefit from structural growth in online food delivery in India, in our view. We believe India's food delivery industry is still in its infancy and will continue to scale over the next several years thanks to a growing middle class, rising disposable income, higher smartphone penetration, and structural shifts in consumer preferences driven by a tech-savvy, younger population.
Invesco has been fairly conservative with its assessment of its holdings in Swiggy. When the market dipped in 2023, Invesco lowered its estimated value of Swiggy to $5.5 billion at the end of July 2023, and held it at about $12.3 billion at the end of April this year.
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