Swiggy changes company’s registered name to reflect ‘core brand’ ahead of planned IPO
economictimes.indiatimes.comSwiggy 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.
“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).
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe 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.
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
