Food delivery platform Swiggy has turned itself into a public limited company from a private limited entity, according to the documents filed with the registrar of companies, reported Economic Times. Media reports suggest that the new-age internet company is preparing for an initial public offering later this year. The company has been renamed as 'Swiggy Limited' from 'Swiggy Private Limited', signaling its transition to a public entity. Some reports suggest that the decacorn may file its draft herring prospectus (DRHP) within the current month of April and may launch its initial public offering (IPO) by the end of current year to raise around $1 billion. Swiggy's decision to go public aligns with a broader trend of other homegrown new age internet companies eyeing Dalal Street debut. In recent months, tech-based companies including Ola Electric, FirstCry, Awfis have filed their DRHP to launch IPOs, while Mamaearth's parent Honasa Consumer has already been listed at the bourses. Earlier than this, Swiggy had changed its registered name from ‘Bundl Technologies Private Limited’ to ‘Swiggy Private Limited’ in February 2023, to establish a stronger brand identity and association with its core business of food delivery. However, the company has remained tight-lipped on its IPO plans. Swiggy reported a loss of $207 million during the nine months ending December 2023, despite generating a revenue of $1.02 billion for the period, said media reports. In the financial year 2023, Swiggy reported a net loss of $501 million with operating revenue coming in at $992 million. Swiggy intended to downsize its workforce by 6 per cent, affecting around 350-400 positions across departments like technology, call centers, and corporate functions, as reported by The ET.
According to a report from Moneycontrol, Softbank-backed Swiggy has shortlisted seven investment banks as advisors for its IPO plans. The list includes names like Kotak Mahindra Capital ,Citi JP Morgan, Bofa Securities, Jefferies, ICICI Securities and Avendus Capital. However, Business Today could not independently verify the same.