Swiggy, the popular food delivery app, has made a significant transition from a private limited firm to a public limited company as it gears up to unveil its highly anticipated $1-billion IPO. The alteration is reflected in the documents submitted to the Registrar of Companies (RoC), where the company’s holding name has been updated from Swiggy Pvt Ltd to Swiggy Ltd. This change comes on the heels of Swiggy’s earlier decision in February 2024 to rename itself from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd, a move aimed at aligning the corporate name more closely with its core brand. These strategic shifts underscore the company’s commitment to establishing a stronger corporate identity and solidify expectations for Swiggy to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming months for its massive IPO.
The move by Swiggy to become a public limited company signals its readiness to join the ranks of startups venturing into the stock market with initial public offerings (IPOs). Swiggy’s IPO is poised to capitalize on the current market momentum, following in the footsteps of other startups like Mamaearth’s parent company Honasa Consumer, which went public in November 2023.
Swiggy’s financials reveal a $207-million loss for the nine months ending December 2023, despite generating revenue of $1.02 billion. This loss follows the company’s previous fiscal year, where it reported a net loss of $501 million alongside operating revenue of $992 million.
Will you apply for the IPO?
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