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Swiggy changes company status from private to public ahead of IPO
The company plans for a $1 million IPO of shares closer to the end of 2024.
The restaurant industry typically spends anywhere between 3 percent to 6 percent of its revenue on advertising, including online platforms like Meta (Instagram, Facebook, WhatsApp), Google, and traditional media such as TV, print, and radio. (Image sourced from CNBC)
In preparation for its initial public offering (IPO), food aggregator platform Swiggy has converted itself from a private limited to a public limited company. The stock market listing, which will happen in late 2024, from Swiggy Private Limited, has been changed to Swiggy Limited.
The company plans for a $1 million IPO of shares closer to the end of 2024. On February 27, Swiggy had changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd.
In 2023, Ola Electric, FirstCry and Awfis filed their draft IPO papers, and Mamaearth’s Honasa Consumer went public in November, stated an ET report.
As stated by an ET report, Swiggy reported a 45 percent jump in operating revenue for the fiscal year ended March 2023 to Rs 8,265 crore. This is even as its net loss expanded 15 percent to Rs 4,179 crore.
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