Bengaluru: Swiggy has converted itself from a private limited company to a public limited one. This transition was reflected in official documents filed with the Registrar of Companies.

Moreover, the holding company of the renowned food delivery and quick-commerce giant has undergone a renaming process, changing from Swiggy Private Limited to Swiggy Limited. This alteration comes in tandem with the company's preparations to submit a draft red herring prospectus in the forthcoming months, setting the stage for an expected Rs 75 billion initial public offering of shares towards the culmination of the year.

Swiggy joins a cohort of emerging internet enterprises gearing up for public listings. Notable among these are Ola Electric, FirstCry, and Awfis, which lodged their draft IPO papers in late 2023. Additionally, Honasa Consumer, the parent company of Mamaearth, made its debut on the public market in November.

The evolution of Swiggy's corporate identity has seen several changes, including its registered name shift from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd on February 27. This adjustment was aimed at fostering a stronger connection between the company's corporate moniker and its core brand, 'Swiggy.'

In preparation for its IPO filing, Swiggy has intensified efforts to bolster its financial performance and curtail cash burn, particularly within its quick-commerce division. Despite generating revenue of Rs 76.5 billion for the nine months ending December 2023, the company recorded a loss of $207 million. Fiscal year 2023 saw Swiggy reporting a net loss of Rs 37.575 billion against operating revenue of Rs 74.4 billion.

Earlier in January, reports surfaced regarding Swiggy's plans to downsize its workforce by 6 percent, affecting approximately 350-400 positions across technology, call centers, and corporate functions, as part of a cost-cutting initiative. Recently, the company appointed Suparna Mitra, the chief executive of Titan’s watches and wearable division, as an independent director, following the resignation of Mallika Srinivasan, chairperson of Tractor and Farm Equipment Ltd, in February.

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