IPO-bound food and grocery delivery major Swiggy has changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution passed by the shareholders of the company.

Also read: IPO-bound Swiggy to layoff 350-400 employees

“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 name change will be subject to the approval of the Registrar of Companies (RoC).

The development comes at a time when the food delivery giant is gearing up for its initial public offering (IPO). The change in name will help the start-up trade with the name “Swiggy” on the stock exchanges.

Recently, Swiggy appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.

Prior to that, the start-up also appointed three new independent directors on its board – Delhivery MD and CEO Sahil Barua, TAFE MD and chairman Mallika Srinivasan, and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti – last year. However, Srinivasan stepped down from the position of Swiggy’s independent director earlier this month.

In January, businessline had reported that Swiggy planned to trim its workforce by 6 per cent, impacting 350-400 positions in departments such as technology, call centres, and corporate functions.

The company’s investor Invesco marked up the company’s valuation to $8.3 billion, which is the second-time increase in its assessment of fair value in the past three months. The asset manager holds 2 per cent take in Swiggy. In October last year, Invesco had marked up Swiggy’s valuation by 42 per cent to $7.85 billion.

Also read: Swiggy Instamart VP exits company; to be replaced by former Amazon performance marketing head

Swiggy’s operating revenue for the fiscal year ended March 2023 surged by 45 per cent year-on-year to ₹8,265 crore. However, its net loss widened by 15 per cent to ₹4,179 crore during the same period.

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