Exclusive: Swiggy Changes Its Registered Name Ahead Of IPO

IPO-bound Swiggy is changing its registered name from Bundl Technologies Private Limited to Swiggy Private Limited, as per a resolution passed earlier this month by the shareholders of the food delivery giant. 

“The same (change in name) was in line with the Management belief that the change in the name of the Company will help establish greater proximity and identification of the Company’s corporate name with the Company’s core brand, ‘Swiggy’,” the startup said in the resolution. 

The name change will be subject to the approval of the Registrar of Companies (RoC).

The development comes at a time when the food delivery giant is gearing up for its initial public offering (IPO). The change in name will help the startup trade with the name “Swiggy” on the stock exchanges.

As part of its preparations for the IPO, planned for later this year, Swiggy also appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.

Prior to that, the startup also appointed three new independent directors on its board – Delhivery MD and CEO Sahil Barua, TAFE MD and chairman Mallika Srinivasan, and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti – last year. However, Srinivasan stepped down from the position of Swiggy’s independent director earlier this month.

The Bengaluru-based startup is eyeing to list on the bourses around mid-2024. Its public issue, expected to have a size of $1 Bn (INR 8,300 Cr), is already being touted as one the biggest IPOs of a new-age tech company.

Swiggy competes with Zomato in India’s food delivery market, which is largely a duopoly. However, both have also been facing competition from the government-backed Open Network for Digital Commerce (ONDC). 

In FY23, the Invesco-backed decacorn incurred a net loss of INR 4,179.3 Cr, an increase of 15% from INR 3,628.9 Cr in the previous financial year. Swiggy’s operating revenue jumped over 40% to INR 8,264.4 Cr in FY23 from INR 5,704.9 Cr in FY22 as it scaled up its quick commerce vertical during the year. 

The foodtech giant’s expenditure jumped over 35% to INR 12,884.4 Cr in FY23 from INR 9,574.5 Cr in the previous fiscal year. 

Valued at over $10 Bn, Swiggy has raised over $3 Bn in funding till date. It counts marquee names like SoftBank, Prosus Ventures, and DST Global among its backers.

It is pertinent to note that Swiggy’s rival Zomato has reported three consecutive profitable quarters in the ongoing financial year so far.