- By Aditya Pratap Singh
- Tue, 09 Apr 2024 12:20 PM (IST)
- Source:JND
Swiggy Turns Public Limited Company: Swiggy, the food delivery, and quick commerce firm, has shifted from a private limited corporation to a public limited company ahead of its predicted listing on the stock exchange later this year, according to documents submitted by the corporation to the Registrar of Companies. With this, its name from Swiggy Pvt Ltd to Swiggy Ltd, news portal Entrakar reported.
Swiggy plans for an IPO this year
The corporation is anticipated to file a draft red herring prospectus in the coming few months as it plans a $1 billion initial public offering (IPO). For the nine months ending December 2023, the corporation recorded a loss of $207 million and revenue of $1.02 billion. In FY2023, Swiggy reported a net loss of $501 million on operating income of $992 million.
In February, Swiggy changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd, to establish greater proximity and identification with the corporation's core brand 'Swiggy, it stated.
Jobs cut at Swiggy
Earlier this year, there were media reports that Swiggy intended to cut 6 percent of its workforce, impacting 350-400 positions in departments such as technology, call center, and corporate functions. Swiggy Titan has appointed Suparna Mitra, chief executive of the watches and wearables division, as an independent director.
Other big names submitted for IPO
Last year, FirstCry, Ola Electric, and Awfis submitted their draft IPO documents to regulators. Meanwhile, Mamaearth's parent company, Honasa Consumer, also went public in November. Investors are eagerly waiting for these initial public offerings.
Stock Market Today
The Indian stock market reached another milestone on Tuesday when the BSE Sensex touched the 75,000 mark for the first time. Both the major indices were trading at record highs in early trading hours, with Nifty 50 rising above the 22,700 level.
Today, the 30-share index Sensex opened 381.78 points or 0.51 percent higher at 75,124.28, while NSE's Nifty 50 opened 98.8 points or 0.44 percent higher at 22,765.10. Bank Nifty index also opened at a record high of 48,810.80, up 229.10 points or 0.47 percent.
