Food delivery platform Swiggy is now a public entity. The quick-commerce company stated in its filing to the Registrar of Companies (RoC) that the decision to change the company's status was approved by a resolution passed by the directors.
According to news platform Entrackr, which was the first to report the move, the name of the holding company has been changed from Swiggy Private Limited to Swiggy Limited.
In February, the company changed its name from Bundl Technology Private Limited to Swiggy Private Limited. It stated that the new name would help the company 'establish greater proximity and identification of the company’s corporate name with the company’s core brand.' Swiggy is gearing up for its IPO, and according to media reports, the company aims to achieve a valuation of $12-$15 billion.
Swiggy recently onboarded Suparna Mitra as an independent director to its board. She is the chief executive of Tata's Titan, a watch company.
Last year, Sriharsha Majety, CEO, and co-founder of Swiggy, stated in a blog post that the company's food segment has become profitable. The Bangalore-based company is reducing costs to achieve full profitability as it approaches its public listing.
Swiggy's operating revenue for the fiscal year ending March 2023 surged by 45 percent year-on-year to Rs 8,265 crore, while the net loss widened by 15 percent to Rs 4,179 crore during the same period.
In a recent development, the US-based investment firm Invesco, which holds a 2 percent stake, has raised Swiggy's valuation to $8.3 billion, marking the second upward adjustment. The firm acquired the shares through an investment of $190.5 million, reflecting a significant increase from the initial estimate of $147.6 million.
