Swiggy, previously known as Bundl Technologies Private Limited, has reportedly approved a special resolution to change its name to Swiggy Private Limited. Multiple media reports suggest that the decision aims to better align the company’s corporate identity with its widely recognized brand. This move comes as the food delivery giant prepares for its upcoming public market debut. The proposed name change is subject to approval from the Registrar of Companies, according to the reports.
Swiggy is reportedly nearing the filing of its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its IPO, targeting a valuation of $11 billion. The company plans to raise approximately $1 billion (Rs 8,300 crore) through the IPO. Despite reporting a net loss of Rs 4,179 crore in the fiscal year 2022-23, Swiggy has demonstrated impressive revenue growth, reaching Rs 8,625 crore (over $1 billion), marking a 45% increase. Alongside revenue growth, Swiggy’s total expenses surged by 34% to Rs 12,884 crore in FY23.
Major expense categories include stock-in-trade purchases, advertising, and promotional expenses. Notably, marketing expenditures rose to Rs 2,362 crore, accounting for 28% of operating revenue. Additionally, employee benefit expenses increased to Rs 2,130 crore.In preparation for its IPO, Swiggy has implemented several operational adjustments, including a reduction in its workforce, affecting 350-400 positions across technology, call centers, and corporate functions.
These measures reflect the company’s focus on achieving profitability and optimizing costs. It’s worth noting that Swiggy’s recent appointment of industry veteran Anand Kripalu as the chairperson of the Board of Directors, along with other key board appointments, underscores its commitment to strengthening its leadership team ahead of the IPO.