IPO-bound Swiggy Converts To Public Ltd Company

Swiggy has changed its status to a public limited company from private limited. This move is in preparation for its expected stock market listing later this year. The company's holding name has been changed from Swiggy Private Limited to Swiggy Limited. Swiggy plans to file a draft red herring prospectus soon and aims for a USD 1 billion initial public offering of shares by the end of the year.

Several new-age internet companies, including Ola Electric, FirstCry and Awfis, are also planning to go public. Swiggy is working on improving its financial numbers, particularly for its quick-commerce division, Instamart, to reduce its losses. The firm recorded a USD 207 million loss in the nine months through December 2023, with a revenue of USD 1.02 billion.

Amid these changes, Swiggy made several organisational adjustments. It reduced its workforce by 6 per cent, affecting 350-400 positions in departments like technology, call centres and corporate functions, as part of cost-cutting measures. Additionally, it appointed Suparna Mitra as an independent director, following Mallika Srinivasan's resignation from the same role.