In a strategic move ahead of its highly anticipated initial public offering (IPO), Swiggy, the leading player in India’s food delivery market, has announced a significant change in its registered name. Formerly known as Bundl Technologies Private Limited, the company will now operate under the name Swiggy Private Limited, pending approval from the Registrar of Companies (RoC).
The decision to rebrand aligns with Swiggy’s objective to establish a stronger corporate identity closely associated with its core brand, ‘Swiggy’. This move aims to foster greater recognition and proximity between the company and its consumers, potentially enhancing its market position and investor appeal.
As part of its IPO preparations, Swiggy has also made key appointments to its board of directors. Anand Kripalu, the former managing director and global CEO of Essel Propack Ltd, joins as an independent director and chairperson of the board. Additionally, the company welcomed three new independent directors, including Sahil Barua, Mallika Srinivasan, and Shailesh Haribhakti, bolstering its leadership team with seasoned industry experts.
Despite the competitive landscape dominated by Swiggy and its rival, Zomato, the company remains optimistic about its future prospects. Swiggy’s IPO, slated for later this year, is expected to raise $1 billion, making it one of the largest IPOs in the tech industry.
In the fiscal year 2023, Swiggy witnessed substantial growth in operating revenue, surpassing INR 8,264.4 Cr as it expanded its quick commerce vertical. However, the company also experienced increased expenditure, resulting in a net loss of INR 4,179.3 Cr. Nonetheless, Swiggy’s valuation exceeds $10 billion, backed by prominent investors such as SoftBank, Prosus Ventures, and DST Global.
While Swiggy continues to innovate and expand its market presence, it faces competition not only from Zomato but also from emerging players like the government-backed Open Network for Digital Commerce (ONDC). Despite challenges, Swiggy remains focused on delivering value to its stakeholders and driving growth in India’s dynamic foodtech landscape.
As the company embarks on its IPO journey and embraces its new identity, Swiggy reaffirms its commitment to revolutionizing the way India eats, one delivery at a time.
