Food aggregator Swiggy, which was a private limited firm, has converted itself into a public limited company ahead of its possible IPO listing this year, the company stated in its filing to the Registrar of Companies.
Swiggy Private Limited is now Swiggy Limited, as per the filing, reported Entrackr, the first outlet to report the development. This makes the food-delivery and quick-commerce platform the latest in the long list of new-age companies going the IPO way, including the likes of Ola Electric, FirstCry and Awfis.
Swiggy is expected to seek a valuation of $12-15 million and raise a sum of $1 billion. Baron, a US-based fund manager, had revised the value of its stake in Swiggy to $87.2 million in March, thereby hinting a valuation of $12.16 billion for the holding company of the food-delivery platform.
The latest change in the Swiggy's registration comes two months after the company changed its name from Bundl Technology Private Limited to Swiggy Private Limited, in a bid to bolster its brand identity. The company also appointed Suparna Mitra as independet director to its board to fill the position left vacant by Mallika Srinivasan who stepped down in February.
In a bid to improve its financials ahead of the IPO, the company has been on a drive to cut costs to achieve profitability. The company had laid of 350-400 staff, accounting to 6 per cent of its total workforce, as part of these measures.
Though Swiggy's revenue surged 45 per cent to Rs 8,625 crore in FY23, its net loss increased to Rs 4,179 crore.
