Swiggy becomes a public entity prior to its IPO
The foodtech behemoth Swiggy has formally changed its holding company name to Swiggy Limited and gone public, as per the resolution passed by the board of directors of the company with the Registrar of Companies. The company is preparing for an initial public offering (IPO) and may seek a valuation in the range of $12-15 billion.
Swiggy on February 27 changed its registered name from Bundl Technologies Pvt. Ltd. to Swiggy Pvt. Ltd. The company took this step to “help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” the food delivery platform had said at the time.
Swiggy claimed that the food delivery business of the company turned profitable as of March 2023. During FY23, the company reported Rs 4,179 crore in overall loss. 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.
The US-based asset management firm Baron Capital, last month, marked up the valuation of the company to $12.1 billion up from $10.7 billion during the last fundraise in January 2022.
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