The US-based asset management firm has marked up the fair value of its stake in Swiggy by nearly 17% to $87.2 million as of December 31, from $74.7 million a quarter prior, as per its latest quarterly report.
In the December quarter, Swiggy was among the top ten holdings in Baron Capital's emerging markets fund, which also has Taiwanese chipmaker TSMC, Samsung Electronics, Tencent Holdings, Alibaba Group, along with Bajaj Finance, HDFC Bank and Bharti Airtel, among others.
In an earlier quarterly filing, Baron Capital noted that Swiggy is India's leading food delivery platform with a roughly 50% market share, and the company is benefitting from increasing penetration of food delivery in the country and improving profitability.
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