Swiggy Announces Name Change As It Prepares For Billion-Dollar IPO

Swiggy, a leading name in food and grocery delivery, has officially rebranded its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. This change, affirmed by a special resolution passed by the company’s shareholders, aligns the corporate identity more closely with the Swiggy brand, as noted in regulatory filings with the Registrar of Companies (RoC).

What Happened? Based in Bengaluru, the company recently received the RoC’s nod for this name change, a strategic move amidst its preparation for a massive $1-billion initial public offering (IPO). Reports suggest that this upcoming IPO, expected to be filed by the end of the fiscal year, may include a significant portion of shares, estimated at $600 million, being sold by existing investors.

In a bid to streamline operations and march towards profitability, Swiggy is also reportedly downsizing its workforce by around 6%, affecting positions in technology, call centres, and corporate functions. This decision comes even as the company’s operating revenue for the fiscal year ending March 2023 jumped by 45% to ₹8,265 crore. However, it’s worth noting that the net loss also expanded by 15% to ₹4,179 crore.

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What to know: Swiggy, founded in 2014 by Nandan Reddy and Sriharsha Majety, with Majety as the current CEO, extends beyond food delivery. It has diversified into quick-commerce with Instamart, dining out with Dine Out, and parcel delivery services under Genie.

This development occurs as Swiggy’s main competitor, Zomato, also shows significant financial activity, reporting a 69% increase in consolidated operating revenue and a net loss reduction in the same fiscal year.

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