Banglore Based Food Delivery App Swiggy Simplifies Name Ahead of IPO, Emphasizes Core Brand

Swiggy IPO

Three points you will get to know in this article:

  • Swiggy simplifies name pre-IPO, aligning with core brand.
  • Swiggy sees revenue surge but struggles with widening deficit.
  • Diversifies with Instamart, Eat Out, and Genie segments.
swiggy logo

Swiggy, the Bangalore-based food delivery app, has undergone a name change from Bundl Innovations Pvt Ltd to Swiggy Pvt Ltd. This decision was approved through a special resolution passed by the company’s investors, aiming to enhance the corporate identity alignment with the core brand, ‘Swiggy.’ Regulatory filings with the Registrar of Companies (RoC) confirmed the approval for this name change.

The timing of this alteration coincides with Swiggy’s preparations for a $1-billion Initial Public Offering (IPO). Recent reports suggested that the IPO is anticipated to include at least $600 million worth of shares available for purchase by existing investors. Swiggy plans to submit its draft IPO papers by the end of the current fiscal year.

As of the financial year ending March 2023, Swiggy’s operational revenue experienced a 45% year-on-year surge, reaching Rs 8,265 crore. However, the overall deficit expanded by 15% to Rs 4,179 crore during the same period.

In addition to its core business of food delivery, Swiggy operates in various segments, including the quick commerce sector under the Instamart brand, the dining-out category under the Eat Out brand, and package delivery services under the Genie brand.

Established in 2014 by Nandan Reddy and Sriharsha Majety, the company is currently led by Majety as its President. Swiggy’s primary competitor, Zomato, reported a consolidated operating revenue of Rs 7,079 crore for FY23, reflecting a 69% year-on-year increase. Despite the growth, Zomato recorded a net loss of Rs 971 crore for FY23, which was lower than the Rs 1,222 crore loss in FY22.

What is Swiggy ?

Swiggy is a prominent Bangalore-based food delivery platform that revolutionized the dining experience in India. Launched in 2014 by Nandan Reddy and Sriharsha Majety, Swiggy has become a leading player in the country’s burgeoning food delivery industry. The platform connects users with a vast network of restaurants and enables them to order a variety of cuisines conveniently from their homes.
Known for its user-friendly interface and efficient delivery services, Swiggy has garnered widespread popularity, becoming a go-to choice for millions of customers seeking quick and reliable food delivery. The platform employs a vast fleet of delivery partners who ensure timely and hassle-free deliveries to customers across numerous cities in India.

Beyond its core food delivery business, Swiggy has expanded its services to include Instamart for quick commerce, Eat Out for dining options, and Genie for package deliveries. The company’s commitment to innovation and customer satisfaction has played a pivotal role in its success.

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