New Delhi, March 10 -- Baron, a US-based fund manager, has revised the value of its stake in Swiggy to USD 87.2 million, indicating a valuation of USD 12.16 billion for the hyperlocal commerce unicorn as it gears up for its reportedly upcoming initial public offering (IPO), as per a report by Moneycontrol.

Mint reported earlier this year that Invesco, a US-based asset management company (AMC), increased Swiggy's valuation to USD 8.3 billion two times in a row.

The valuation adjustment for Swiggy by Baron comes amidst the backdrop of its competitor, Zomato, witnessing around a 58 per cent surge in stock price over the last six months, fueled by improved profitability and rapid growth of its quick commerce arm, Blinkit. Zomato's current m...