swiggy: Swiggy converts to public limited company ahead of IPO

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Food-delivery firm Swiggy has converted itself into a public limited company, ahead of an expected stock market listing later this year, according to documents filed with the Registrar of Companies (RoC).

The name of the food-delivery and quick-commerce major’s holding company has been changed from Swiggy Private Limited to Swiggy Limited. The change comes as the firm is expected to file a draft red herring prospectus in the next few months, with an estimated $1-billion public listing on the cards towards the end of the year.

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With this, Swiggy is closer to joining a string of new-age internet companies looking to list on the public bourses. Late last year, firms like Ola Electric, FirstCry and Awfis filed their draft initial public offering (IPO) papers, while omnichannel beauty and personal care brand Mamaearth’s parent company Honasa Consumer went public in November.

News portal Entrackr was the first to report on Swiggy’s conversion into a public limited entity.

On February 27, Swiggy had changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. This was done to “help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” the platform had said in the resolution for the name change at the time.

Ahead of filing its draft IPO papers, Swiggy is working hard to improve numbers and bring down cash burn, especially for its quick-commerce division Instamart. The firm reportedly recorded a $207-million loss for the nine months to December 2023, on a revenue of $1.02 billion. Swiggy’s operating revenue for FY23 stood at $992 million, with a net loss of $501 million.

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On January 26, ET had reported that Swiggy plans to reduce its workforce by 6%, impacting 350-400 positions in departments such as technology, call centres and corporate functions, as part of a cost-cutting exercise.On April 4, Swiggy appointed Titan’s watches and wearables division chief executive Suparna Mitra as an independent director to its board, after Tractor And Farm Equipment Ltd (TAFE) chairperson Mallika Srinivasan stepped down as independent director in February.

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