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, one of India’s largest food delivery platforms, reportedly had its valuation cut in half by , one of its investors.

It’s the second time in a year that Swiggy’s valuation has been cut by the investor, .

Swiggy was valued at $10.7 billion when it received its $700 million in January 2022, which Invesco led. In October of that year, Invesco marked Swiggy’s valuation in its portfolio down to $8.2 billion. It cut the value of its holding down further in January 2023, to $5.5 billion, TechCrunch reported. That marks an almost 49% decrease from Swiggy’s valuation during its last priced funding round.

Swiggy’s valuation trajectory mirrors that of another India-based food delivery platform: . When Zomato went public two years ago in July 2021, it . In May of the following year, its market cap had .

Valuations are still shrinking

Swiggy’s valuation cut is another example of tech companies around the world returning to a new normal after the venture funding boom of 2021.

Companies that face investor write-downs are much more likely to be forced to take down rounds when the time comes to raise new money.

Swiggy won’t be the only one in this situation. , a cloud-based machine startup, late last year saw its internal valuation by investor . by 33% in 2022. , which was one of the more active investors in 2021, in 2022.

Elsewhere, valuations are taking a hit in a different way. ’s valuation was as high as $95 billion back in March 2021. It was reportedly revalued at $74 billion in July 2022 following an internal valuation cut. The company lowered its valuation . As of March, Stripe’s internal valuation — a stunning decline from its valuation during its 2021 funding round.

Buy now, pay later platform ’s valuation from $45.6 billion to $6.7 billion in the span of one year as the company took in new funding during a significant down round.

Fast-fashion giant Shein reportedly cut its own valuation as it began looking at the IPO market. At one point, it was tied for the third most valuable private company in the world.

It’s been more than a year since the tech funding hype has died down, but plenty of startups are still grappling with the dramatic shift to their valuations.

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