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US-based asset manager Baron Capital has again increased IPO-bound online food delivery platform Swiggy's valuation to $15.1 billion. 

The latest valuation as of March 31 shows a 24 per cent increase from Baron’s previous mark-up of Swiggy’s valuation to $12.2 billion, according to regulatory filings with the US Securities and Exchange Commission (SEC).

This development comes at a time when Swiggy is preparing for its IPO. The company has obtained shareholders' approval to launch its $1.25 billion IPO and has reportedly submitted papers to SEBI via a confidential route in May.

As per regulatory filing, the online food delivery platform aims to raise up to Rs 3,750 crore through a fresh issue and around Rs 6,664 crore as an offer-for-sale (OFS) component.

Swiggy reported a revenue of Rs 5,476 crore from operations and a loss of Rs 1,600 crore during the first three quarters of the financial year FY24. In FY23, its revenue was Rs 8,265 crore, while its losses soared to Rs 4,179 crore.

Earlier this year, US-based investment firm Invesco raised Swiggy's valuation to about $8.3 billion.