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Baron Capital, an investor in Indian food delivery startup Swiggy, has increased the value of its stake in the Indian firm, implying a valuation of $12.16 billion, surpassing the $10.7 billion post-money valuation at which Swiggy secured funding in early 2022. The valuation uptick at the end of December is a noteworthy development for Swiggy and, more broadly, the Indian startup ecosystem. This is particularly significant given that Swiggy’s valuation had previously been marked down to a low of $5.5 billion. Swiggy commands roughly 45% market share in the Indian food delivery sector and is “well positioned to benefit from structural growth in online food delivery in India,” Baron Capital wrote in a separate filing. Swiggy, which is also a key player in the instant-grocery delivery space in India, is increasingly broadening its offerings.