Swiggy’s holding business, Swiggy Private Limited, has also been renamed Swiggy Limited. This development occurs as the business prepares to publish a draft red herring prospectus in the coming months, opening the way for a $1 billion initial public offering of shares before the end of the year.
Swiggy is one of numerous new-age online startups preparing to go public. Companies include Ola Electric, FirstCry, and Awfis filed draft IPO papers in late 2023. Additionally, Honasa Consumer, Mamaearth’s parent business, went public in November.
On February 27, Swiggy changed its registration name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. The meal delivery platform noted that the move was intended to “help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’.”
Swiggy is stepping its efforts to improve its financial performance and reduce cash burn ahead of its draft IPO filing, particularly within its quick-commerce segment, Instamart.
The corporation apparently lost $207 million in the nine months ending December 2023, despite producing $1.02 billion in revenue. Swiggy’s net loss in fiscal 2023 was $501 million, with operational revenue of $992 million.
Swiggy was reported in January to be contemplating a 6% employment reduction, affecting 350-400 workers in departments such as IT, call centers, and corporate services, as part of a cost-cutting strategy.
Swiggy has appointed Suparna Mitra, the CEO of Titan’s watches and wearables division, as an independent director. This nomination came after Mallika Srinivasan, Tractor and Farm Equipment Ltd’s chairperson, resigned as an independent director in February.
