IPO-bound Swiggy, which operated as Bundl Technologies Pvt Ltd, has passed a special resolution to change its name to Swiggy Pvt Ltd, as it gears up for a public market debut, regulatory filings show.
The move would help it establish greater proximity and identification with the company’s core name Swiggy, the Bengaluru-based food delivery firm has said.
A change of the corporate name is yet another step towards towards the IPO, which is expected later this year. The company has appointed investment bankers, independent directors to the board and is even putting itself on the path to profitability before its IPO.
While he did not provide details, Swiggy group CEO and co-founder Sriharsha Majety had told Moneycontrol in Davos in January that IPO preparations were underway. “We’ve been preparing for our IPO. We’ve added independent directors to the board and there’s all kinds of preparations that are on,” Majety said.
In February last, the food and grocery delivery platform had appointed Delhivery founder and CEO Sahil Barua, TAFE chairperson and managing director Mallika Srinivasan and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti as independent directors to its board. While Srinivasan stepped down earlier this month, the others continue to be the board.
In December, Swiggy inducted FMCG veteran Anand Kripalu on its board as an independent director and also named him as the chairperson.
As part of the IPO preparation, Majety said he was also spending time with tech founders who had taken their companies public in recent years, including rival Zomato CEO Deepinder Goyal.
“There is no denying that it (Zomato being listed) makes life easier for us. There’s much to learn in terms of how one manages communication as a public company, how one manages guidance as a public company, what gets more scrutiny and what doesn't,” Majety had told Moneycontrol.
Swiggy and Zomato dominate the food delivery market in the country, accounting for about 95 percent of the entire business. While Zomato has turned profitable, Swiggy is taking steps to get there.
The startup's revenue grew 45 percent to Rs 8,625 crore in FY23, while its net loss widened to Rs 4,179 crore.
Zomato's revenue rose rose 66 percent to Rs 7,761 crore and net loss narrowed to Rs 971 crore during the same period.
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