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Swiggy converts to public limited company ahead of IPO: What we know
With this, the name of the food-delivery and quick-commerce major has been changed from Swiggy Private Limited to Swiggy Limited.
Swiggy IPO: Swiggy converted itself into a public limited company from a private limited company ahead of an expected stock market listing later this year, as per documents submitted by the firm with the Registrar of Companies. With this, the name of the food-delivery and quick-commerce major has been changed from Swiggy Private Limited to Swiggy Limited, news portal Entrackr reported.
What we know about Swiggy's IPO?
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This comes as the company is expected to file a draft red herring prospectus in the next few months as it plans for a $1 billion initial public offering (IPO).
Other companies who have filed IPO
Last year, Ola Electric, FirstCry and Awfis filed their draft IPO papers as well. Mamaearth’s parent company, Honasa Consumer, also went public in November.
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In February, Swiggy changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd to “help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” it said.
Swiggy financials ahead of the IPO
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The company reportedly recorded a $207-million loss for the nine months through December 2023 and a revenue of $1.02 billion. In FY2023, Swiggy posted a net loss of $501 million on operating revenue of $992 million.
Swiggy cutting jobs?
In the beginning of this year, Economic Times reported that Swiggy was planning to reduce its workforce by 6% which would impact 350-400 positions in departments such as technology, call centres and corporate functions. Swiggy also appointed Titan’s watches and wearables division chief executive Suparna Mitra as an independent director.
