9 April 2024 – Swiggy, a prominent player in the food delivery and quick commerce sector, has made a significant move by transitioning from a private limited corporation to a public limited company. This transition precedes its anticipated listing on the stock exchange later this year. The corporation, now named Swiggy Ltd, has submitted the necessary documents to the Registrar of Companies, signaling its readiness for the upcoming initial public offering (IPO).
Swiggy is gearing up for an IPO, with plans to file a draft red herring prospectus in the coming months. The company aims for a substantial $1 billion IPO, highlighting its ambition for growth and expansion. Despite recording a loss of $207 million for the nine months ending December 2023, Swiggy reported significant revenue of $1.02 billion during the same period. In FY2023, Swiggy’s net loss stood at $501 million, with operating income reaching $992 million.
Earlier this year, Swiggy underwent a name change from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd, emphasizing its commitment to its core brand identity. Additionally, reports surfaced regarding Swiggy’s intention to streamline operations, potentially affecting around 350-400 positions across various departments. Amidst these developments, Swiggy Titan appointed Suparna Mitra, chief executive of the watches and wearables division, as an independent director.
The IPO landscape in India is witnessing significant activity, with notable companies like FirstCry, Ola Electric, and Awfis already submitting their draft IPO documents. Investors are eagerly awaiting these IPOs, reflecting the market’s optimism and anticipation for new investment opportunities.
