New Delhi: Swiggy, the popular online food delivery platform has made a significant move in its journey towards becoming a publicly traded company. Recently, it transitioned from a private limited company to a public limited company which is a pivotal step as it prepares for its highly anticipated initial public offering (IPO). This transition was formally documented with the Registrar of Companies, according to a report by The Economic Times.
The holding company’s name has been altered from Swiggy Private Limited to Swiggy Limited, as per Entrackr. This development is happening as Swiggy plans to submit a draft red herring prospectus within the next few months in preparation for its $1 billion initial public offering (IPO). (Also Read: CBDT: No Special Initiative To Reopen HRA Mismatch Cases, Confirms)
Several other internet companies are also gearing up to offer their shares to the public. Companies such as Ola Electric, FirstCry, and Awfis have initiated this process, with some already achieving success. For instance, Mamaearth’s parent company went public in November. (Also Read: Chocolate Lovers Beware: Amul Eyes Price Hike Amid Cocoa Price Surge)
Swiggy altered its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd with the aim of strengthening the association between the company’s corporate name and its core brand, ‘Swiggy’ in february.
According to reports, the company experienced a loss of $207 million during the nine months leading up to December 2023, despite generating a revenue of $1.02 billion. In the financial year 2023, Swiggy reported a net loss of $501 million with operating revenue totaling $992 million.
Swiggy intended to downsize its workforce by 6%, affecting around 350-400 positions across departments like technology, call centers, and corporate functions, as reported by The ET.
The food delivery company on Thursday announced the appointment of Suparna Mitra as an independent director to its board. Mitra, who is the CEO of Titan Company Limited’s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail.