Food and grocery delivery platform Swiggy has officially changed its registered name from Bundl Technologies to Swiggy Pvt Ltd, following a special resolution approved by the company’s shareholders.
“The change in the name of the company will help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” the food delivery platform said in the resolution, as per regulatory filings made with the Registrar of Companies (RoC).
The name change was approved by the RoC earlier this month, coinciding with Swiggy’s preparations for a significant USD 1-billion initial public offering (IPO).
According to a report on 23 January Swiggy’s upcoming IPO is anticipated to involve at least USD 600 million worth of shares offered for sale by existing investors.
The company is expected to file its draft IPO papers by the end of the current fiscal year, focusing on cost reduction and achieving profitability.
In a bid to streamline operations, Swiggy revealed plans on 26 January to trim its workforce by 6 per cent, affecting 350-400 positions in areas such as technology, call centers and corporate functions. The move aligns with the company’s strategy to optimise its financials in preparation for the IPO.
Swiggy’s operating revenue for the fiscal year ending March 2023 showed a substantial 45 per cent year-on-year (YoY) increase to Rs 8,265 crore. However, its net loss widened by 15 per cent to Rs 4,179 crore during the same period.
Beyond its core food-delivery service, Swiggy operates in various segments, including the quick-commerce space under the Instamart brand, the dining-out segment under the Dine Out brand and parcel delivery services under the Genie brand.
