“The change in the name of the company will help establish greater proximity and identification of the company’s corporate name with the company’s core brand, ‘Swiggy’,” the food delivery platform said in the resolution, as per regulatory filings made with the Registrar of Companies (RoC).
The Bengaluru-based company received approval from the RoC for the name change earlier this month.
This comes at a time when Swiggy is preparing for a $1-billion initial public offering (IPO).
On January 23, ET had reported that Swiggy’s upcoming $1-billion IPO is expected to include at least $600 million worth of shares offered for sale by existing investors.
The company is gearing up to file its draft IPO papers by the end of the current fiscal year.
Discover the stories of your interest
It aims to reduce costs and achieve profitability as it approaches its IPO.On January 26, ET had reported that Swiggy plans to reduce its workforce by 6%, impacting 350-400 positions in departments such as technology, call centres, and corporate functions.
Swiggy’s operating revenue for the fiscal year ended March 2023 surged by 45% year on year to Rs 8,265 crore. However, its net loss widened by 15% to Rs 4,179 crore during the same period.
In addition to food-delivery, which is its core business, Swiggy also operates in the quick-commerce space under the Instamart brand, dining out segment under the Dine Out brand, and offers parcel delivery services under the Genie brand.
The company, Bundl Technologies, was launched in 2014 by Nandan Reddy and Sriharsha Majety. Majety is currently the CEO of the firm.
Zomato, Swiggy’s main rival, reported a consolidated operating revenue of Rs 7,079 crore for FY23, a 69% year-on-year increase. The Gurugram-based company recorded a net loss of Rs 971 crore for FY23, which was lower than the Rs 1,222 crore loss in FY22.
