Swiggy, the food delivery platform, has transitioned into a publicly traded company ahead of its highly anticipated initial public offering (IPO).
In a regulatory submission, the soon-to-go-public decacorn announced that its planned transition from a private limited to a public limited company would allow it to secure funding from the general public, including via an IPO.
As per the special resolution adopted by the company, it has been suggested that the company’s name be changed from “Swiggy Private Limited” to “Swiggy Limited” by removing the word “Private” from its name.
Entrackr was the first to report the development.
This change comes over a month after Swiggy updated its registered name from Bundl Technologies Private Limited to Swiggy Private Limited. Explaining the reason for the name change, Swiggy mentioned that it would enhance the alignment and recognition of the company’s corporate name with its main brand, ‘Swiggy’.
Continue Exploring: Swiggy prepares for IPO with name change to Swiggy Private Limited
In November of last year, Snackfax reported that Swiggy was gearing up for a stock exchange listing in mid-2024, marking one of the largest IPOs by an internet company, expected to raise approximately $1 billion (INR 8,300 Cr).
Continue Exploring: SoftBank to reduce stake in Swiggy as food delivery platform gears up for $1 Billion IPO
As part of its IPO plans, Swiggy has also appointed FMCG veteran Anand Kripalu as an independent director and chairperson of its board of directors. Additionally, the startup recently appointed Suparna Mitra from Titan as an independent director on its board.
Continue Exploring: IPO-bound Swiggy appoints Titan’s Suparna Mitra as independent director
In FY23, Swiggy reported a net loss of INR 4,179.3 Cr, marking a 15% increase from INR 3,628.9 Cr in the preceding fiscal year.
The competitor to Zomato saw its operating revenue surge by over 40% year-on-year to INR 8,264.4 Cr in FY23, boosted by the expansion of its quick commerce segment, Instamart.
Reports indicate that Swiggy is on track to report close to INR 10,000 Crores in revenue for FY24. According to sources, it achieved INR 4,735 Crores in revenue solely from food delivery and Instamart in the first half of FY24, as of September 2023.