In anticipation of its upcoming initial public offering (IPO), Swiggy is undergoing a significant change – the food delivery giant is altering its registered name from Bundl Technologies Private Limited to Swiggy Private Limited. This decision, passed by shareholders earlier this month, aims to align the company’s corporate identity more closely with its core brand, ‘Swiggy.’
Strategic Name Change
The resolution to change the company’s name reflects management’s belief that this adjustment will enhance the proximity and identification of the corporate name with the Swiggy brand. Pending approval from the Registrar of Companies (RoC), this change will enable Swiggy to trade under its renowned brand name on stock exchanges.
IPO Preparations in Full Swing
Swiggy’s name change is part of its comprehensive preparations for its much-anticipated IPO, slated for later this year. To bolster its board of directors, the company appointed Anand Kripalu, former managing director and global CEO of Essel Propack Ltd, as an independent director and chairperson in December. Additionally, last year saw the appointment of three new independent directors: Sahil Barua, Mallika Srinivasan, and Shailesh Haribhakti. However, Srinivasan recently resigned from her position as an independent director.
Financial Outlook and Market Competition
Despite facing competition from Zomato and government-backed initiatives like the Open Network for Digital Commerce (ONDC), Swiggy remains a dominant player in India’s food delivery market. In FY23, the company reported a net loss of INR 4,179.3 Cr, with operating revenue exceeding INR 8,264.4 Cr, driven by the expansion of its quick commerce vertical.
IPO Speculations
With an expected IPO size of $1 Bn (INR 8,300 Cr), Swiggy’s public offering is anticipated to be one of the largest IPOs of a new-age tech company. Backed by investors like SoftBank, Prosus Ventures, and DST Global, Swiggy is poised to enter the stock market around mid-2024.
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- Source: https://timesnext.com/swiggy-prepares-ipo-changes-name-ahead-listing/
