In Major move Bengaluru-based food and grocery delivery app Swiggy has decided to change their registered name from Bundle Technologies Pvt Ltd. Now this company is all set to operate as Swiggy Pvt Ltd. Shareholders and the ROC approved this change earlier this month in preparation for the upcoming IPO.
The company aims to file a draft IPO by the end of the current financial year, with reports suggesting a potential IPO size of around $1 billion. Following Zomato's successful entry into the stock market in 2021, Swiggy has been motivated to pursue its IPO, learning valuable insights from its competitor's listing.
The name change not only aligns with the IPO plans but also helps Swiggy establish a strong corporate identity. Swiggy's focus remains on maximizing profits and reducing costs, with its operating revenue showing a significant 45% year-on-year increase to Rs 8,265 crore for the financial year ending March 2023. However, the company also experienced a 15% rise in net losses to Rs 4,179 crore during the same period. In addition to food delivery, Swiggy operates Swiggy InstaMart, a grocery distribution service.
Founded in 2014 by Nandan Reddy and Sriharsha Majeti, Bundl Technologies Pvt Ltd is led by CEO Sriharsha Majeti. Looking ahead, Swiggy is exploring further strategies to enhance its profitability in the future.