Swiggy's IPO momentum builds: Converts to public limited company

Swiggy has transitioned into a public entity following approval from its board of directors and the Registrar of Companies ahead of the IPO launch.

The holding company's name has been changed from Swiggy Private Limited to Swiggy Limited.

Formerly known as Bundl Technologies Private Limited, the company rebranded to Swiggy Private Limited in February to enhance brand association. Swiggy has been preparing for an initial public offering (IPO), with plans to file IPO papers in the second half of this year. Media reports suggest Swiggy aims for a valuation between $12-15 billion.

Suparna Mitra has been appointed as an independent director to Swiggy's board. Despite claiming profitability in its food delivery segment as of March 2023, Swiggy reported an overall loss of Rs 4,179 crore for FY23. For the first three quarters of FY24, the company generated Rs 5,476 crore in revenue but incurred a loss of approximately Rs 1,600 crore.

This was first reported by Entrackr.

Baron Capital, a US-based asset management firm, recently increased Swiggy's valuation to $12.1 billion, up from $10.7 billion in January 2022. This marks consecutive valuation increases by early investors for the IPO-bound company.