Swiggy changes registered name ahead of IPO | Top Vip News

IPO-bound Swiggy, which was trading as Bundl Technologies Pvt Ltd, has passed a special resolution to change its name to Swiggy Pvt Ltd, as it prepares for its public market debut, regulatory filings show.

The move would help it establish greater proximity and identification with the company’s flagship name Swiggy, the Bengaluru-based food delivery company said.

The corporate name change is one step closer to going public, which is expected by the end of this year. The company has appointed investment bankers, independent directors to its board of directors and is even heading toward profitability ahead of its IPO.

While not providing details, Swiggy group CEO and co-founder Sriharsha Majety said money control in Davos in January that preparations for the IPO were underway. “We have been preparing for our IPO. We have added independent directors to the board and there are all kinds of preparations underway,” Majety said.

Last February, the food and grocery delivery platform appointed Delhivery founder and CEO Sahil Barua, TAFE chairman and CEO Mallika Srinivasan and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti as independent directors of its board of directors. While Srinivasan resigned earlier this month, the others remain board members.

In December, Swiggy added consumer goods veteran Anand Kripalu to its board as an independent director and also appointed him as chairman.

As part of the IPO buildup, 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 (the inclusion of Zomato in the list) makes our lives easier. There is a lot to learn in terms of how communication is managed as a public company, how guidance is managed as a public company, what is analyzed more and what is not,” Majety had said. money control.

Swiggy and Zomato dominate the food delivery market in the country and account for around 95 per cent of the entire business. While Zomato has become profitable, Swiggy is taking steps to achieve this.

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 66 per cent to Rs 7,761 crore and net loss narrowed to Rs 971 crore during the same period.