Swiggy said that the proposed conversion of the company from private limited to public limited would enable it to raise funds from the public, including through an IPO
Its name will change from ‘Swiggy Private Limited’ to ’Swiggy Limited’ by deletion of the word ‘Private’ from the name of the company
The company is preparing for a $1 Bn IPO mid this year
Food delivery giant swiggy
has turned into a public company ahead of its much-anticipated initial public offering (IPO).
In a regulatory filing, the IPO-bound decacorn said that the proposed conversion of the company from private limited to public limited would enable it to raise funds from the public, including through an IPO.
As part of the special resolution passed by the company, it has been proposed that its “name of the company be and is hereby changed from ‘Swiggy Private Limited’ to ’Swiggy Limited’ by deletion of the word ‘Private’ from the name of the company”.
The development was first reported by Entrackr.
This comes more than a month after Swiggy changed its registered name to Swiggy Private Limited from Bundl Technologies Private Limited. Giving the rationale behind the name change, Swiggy noted that it would help establish greater proximity and identification of the company’s corporate name with its core brand, ‘Swiggy’.
Inc42 reported in November last year that Swiggy was preparing to get listed on the stock exchanges in mid-2024, in one of the biggest IPOs by an internet company with a likely issue size of $1 Bn (INR 8,300 Cr).
As part of its IPO plans, Swiggy also appointed FMCG veteran Anand Kripalu as an independent director and the chairperson of its board of directors. Last week, the startup also appointed Titan’s Suparna Mitra as an independent director on its board.
In FY23, Swiggy posted a net loss of INR 4,179.3 Cr, which widened by 15% from INR 3,628.9 Cr in the previous fiscal year.
The Zomato competitor’s operating revenue jumped over 40% year-on-year to INR 8,264.4 Cr in FY23, helped by the scaling up of its quick commerce vertical, Instamart.
Inc42 recently reported that Swiggy was on track to report close to INR 10K Cr in revenue in FY24. Sources informed that it touched INR 4,735 Cr in revenue only from food delivery and Instamart in H1 FY24, as of September 2023.
