10-Apr-2024
2 mins read
India’s famous food delivery chain Swiggy has converted itself into a public limited company from a private limited company. It shows that Swiggy is aggressively preparing for an IPO, which may hit the market this year. The company has already submitted the documents to the Registrar of Companies.
The name of the food delivery’s holding company, Swiggy Private Limited, has changed to Swiggy Limited. The change comes as the company is planning to file a Draft Red Herring Prospectus (DRHP) with SEBI. Company may look to raise $1 Billion from its initial public offering which is expected to hit the market in the coming few months.
A month ago, Swiggy changed its registered name from Bundl Technologies Private Limited to Swiggy Private Limited. This decision helped the company establish greater proximity and identification of its corporate name with its core brand name.
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Swiggy Trying to Decrease Cash Burn Ahead of IPO
Ahead of filling the DRHP papers with SEBI, Swiggy Limited is working hard to improve its financial numbers and to bring cash burn. Major focus for decreasing the cash burn is on the quick commerce division “Instamart”.
In fiscal 2023, Swiggy posted a net loss of $501 million on operating revenue of $992 million. In the unlisted market, Swiggy's share price is Rs 320 per share.
Recently, on April 4, 2024 Swiggy has appointed Suparna Mitra as an independent director to its board.
Suparna Mitra was the chief executive of watches and wearables of Titan Company, a TATA group company. According to media reports, Mitra joins three other independent directors on Swiggy’s board.
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