Swiggy, the prominent food delivery and quick-commerce platform, has undergone a significant corporate transformation by converting itself from a private limited company to a public limited company.
This strategic move, revealed through documents filed with the Registrar of Companies, has led to the alteration of the company’s name from Swiggy Private Limited to Swiggy Limited, as reported by media.
The timing of this transformation aligns with Swiggy’s anticipated stock market debut later this year, as the company gears up to file a draft red herring prospectus for a projected USD 1 billion initial public offering (IPO).
This move places Swiggy among a cohort of notable Indian companies preparing to tap into the public markets, following similar actions by Ola Electric, FirstCry, Awfis, and Honasa Consumer, the parent company of Mamaearth, which went public in November last year.
In February, Swiggy had already taken steps to enhance its corporate identity by changing its registered name from Bundl Technologies to Swiggy. This adjustment aimed to strengthen the association between the company’s corporate name and its core brand, “Swiggy.”
Despite its prominent position in the market, Swiggy’s financial records reveal a substantial loss. For the nine-month period ending in December 2023, the company reported a loss of USD 207 million, juxtaposed with a revenue of USD 1.02 billion. Moreover, in the fiscal year 2023, Swiggy recorded a net loss of USD 501 million, with operating revenue totaling USD 992 million.
Swiggy’s decision to transition to a public limited company underscores its commitment to transparency and its ambition to leverage the capital markets for future growth and expansion.
As the company continues to navigate the competitive landscape of the food delivery and quick-commerce sectors, its upcoming IPO is anticipated to be closely watched by investors and industry stakeholders alike.
