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Swiggy changes registered name ahead of IPO

Thehindubusinessline

Thehindubusinessline · 1y ago

Swiggy changes registered name ahead of IPO

Food and grocery delivery giant Swiggy has changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution by shareholders. The move is aimed at establishing closer identification between the company's corporate name and its core brand, 'Swiggy'. The name change is pending approval from the Registrar of Companies. Swiggy is preparing for its initial public offering (IPO) and the name change will allow it to trade with the name 'Swiggy' on stock exchanges. The company recently appointed Anand Kripalu as an independent director and chairperson of its board of directors.

Related News

Swiggy Changes Its Registered Name Ahead Of IPO

Inc42 · 1y ago

Swiggy Changes Its Registered Name Ahead Of IPO

Swiggy, the Indian food delivery giant, is changing its registered name from Bundl Technologies Private Limited to Swiggy Private Limited, ahead of its planned IPO later this year. The name change aims to establish better identification with Swiggy's core brand. However, the name change is subject to the approval of the Registrar of Companies. The IPO, expected to be one of the largest for a tech company, is anticipated to have a size of $1 billion. Swiggy's rival, Zomato, has reported three consecutive profitable quarters in the current financial year.

Swiggy changes company’s registered name to reflect ‘core brand’ ahead of planned IPO

Economic Times

Economic Times · 1y ago

Swiggy, the popular food and grocery delivery platform, has officially changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. The name change aims to establish a closer association between the company's corporate name and its core brand. This development comes as Swiggy prepares for its upcoming $1 billion IPO, with plans to file its draft papers by the end of the fiscal year. The company is also focused on cost reduction and achieving profitability. Swiggy's operating revenue for the fiscal year ended March 2023 increased by 45% compared to the previous year.

IPO-Bound Swiggy Turns Into A Public Company

Inc42 · 1y ago

IPO-Bound Swiggy Turns Into A Public Company

Indian food delivery giant Swiggy has converted from a private limited company to a public limited company, a move that prepares it for an anticipated $1bn IPO. The company has changed its name from Swiggy Private Limited to Swiggy Limited. This conversion will allow Swiggy to raise funds from the public through an IPO. Swiggy has also recently appointed FMCG veteran Anand Kripalu as an independent director and chairperson of its board of directors, signaling its IPO preparations. In FY23, the company recorded a net loss of INR 4,179.3 crore ($581m), while its operating revenue surged to INR 8,264.4 crore ($1.15bn).

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Inc42 · 9m ago

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Swiggy has increased its platform fee on its food delivery service from INR 7 to INR 10 per order, following a similar move by Zomato. This comes as Swiggy looks to optimize its revenue ahead of its planned initial public offering (IPO).

Zomato rival Swiggy changes its registered name ahead of IPO launch: Report

IndianStartupNews

IndianStartupNews · 1y ago

Zomato rival Swiggy changes its registered name ahead of IPO launch: Report

Food delivery giant Swiggy, previously known as Bundl Technologies Private Limited, has passed a special resolution to change its name to Swiggy Private Limited. The move aims to align the company's corporate identity with its popular brand as it prepares for its upcoming IPO. Swiggy plans to raise around $1 billion through the IPO and has reported a 45% increase in revenue, reaching over $1 billion. The company has also implemented operational adjustments, including reducing its workforce to optimize costs and improve profitability.

Ahead Of IPO, Swiggy Gets Valuation Mark Up From Invesco Again

Inc42 · 1y ago

Ahead Of IPO, Swiggy Gets Valuation Mark Up From Invesco Again

Invesco, a US-based fund manager, has increased Swiggy's fair value by 19% to $12.7 billion in preparation for the company's upcoming IPO. This marks the third time Invesco has raised Swiggy's valuation, following two previous decreases. In 2022, Invesco led a $700 million funding round for Swiggy, which resulted in the food delivery company being valued at $10-11 billion. Swiggy plans to change its name from "Swiggy Private Limited" to "Swiggy Limited" to facilitate fundraising, including through an IPO with an expected issue size of $1 billion. However, the company reported a loss of $207 million in the first nine months of FY24.

Swiggy gets a valuation mark-up from an investor ahead of IPO

VCCircle

VCCircle · 9m ago

Swiggy gets a valuation mark-up from an investor ahead of IPO

Food delivery and essentials aggregator, Swiggy, is expecting to raise $1.4 billion in its upcoming IPO. Ahead of this, one of its existing investors has marked up the company's valuation. Swiggy is aiming for one of the biggest new-age IPOs and is looking to secure a significant amount of funding in the process.

IPO-bound Swiggy converts itself into a public entity

Entrackr

Entrackr · 1y ago

IPO-bound Swiggy converts itself into a public entity

Foodtech and quick commerce decacorn Swiggy has converted into a public entity, as per the resolution passed by the board of directors of the company with the Registrar of Companies. This marks the company’s concrete step towards a definitive IPO plan in the second half of this year. The name of the holding company has been changed from Swiggy Private Limited to Swiggy Limited. In February, Bundl Technologies Private Limited changed its name to Swiggy Private Limited. The company said that will help it to establish greater proximity and identification of the company’s corporate name with the company’s core brand. Swiggy has been readying itself for public listing for quite some time and the Bengaluru-based firm may file IPO papers soon. As per media reports, the company will seek a valuation in the range of $12-15 billion. The firm recently appointed Suparna Mitra as an independent director to its board. While Swiggy claimed that its food delivery business turned profitable as of March 2023, the firm reported Rs 4,179 crore in overall loss during FY23. Moreover, the company booked Rs 5,476 crore in revenue from operations during the first three quarters of the financial year FY24 and recorded $200 million (approximately Rs 1,600 crore) loss for the nine months. Entrackr had exclusively reported about Swiggy’s financial three quarters (FY24) numbers in the last week of March. Last month, US-based asset management firm Baron Capital marked up the valuation of Swiggy to $12.1 billion up from $10.7 billion during the last fundraise in January 2022. It’s one of the few IPO-bound companies that saw back to back valuation markup by early investors.

BigB, Dravid, KJo and other top celebrities grab a share of Swiggy’s pre-IPO pie

Economic Times

Economic Times · 10m ago

BigB, Dravid, KJo and other top celebrities grab a share of Swiggy’s pre-IPO pie

Food and grocery delivery disruptor Swiggy is gaining endorsements from celebrities such as Rahul Dravid, Karan Johar, and Ashish Chowdhry through the unlisted market ahead of its IPO. Swiggy has transformed the food delivery landscape in India and expanded into new verticals like quick commerce and hyperlocal logistics. The interest from high-profile individuals in Swiggy's pre-IPO shares reflects the growing trend of diversifying portfolios with tech startups. Swiggy has previously raised funds from global venture capital firms and plans to capitalize on the booming food tech sector.

Swiggy gears up for IPO: Food aggregator converts to public limited company

Livemint

Livemint · 1y ago

Swiggy gears up for IPO: Food aggregator converts to public limited company

Swiggy, the food delivery and quick-commerce platform, has converted to a public limited company as it prepares for an IPO later this year. The company's holding company has been renamed 'Swiggy Limited' in anticipation of going public. Swiggy is expected to file its draft red herring prospectus in the coming months and aims to raise around $1 billion through the IPO by the end of 2024. Swiggy's decision to go public reflects the trend of other internet companies in India seeking to list on public exchanges. The company is focused on improving its financial performance and reducing cash burn ahead of the IPO.

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