Swiggy, a leading name in food and grocery delivery, has officially rebranded its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. This change, affirmed by a special resolution passed by the company’s shareholders, aligns the corporate identity more closely with the Swiggy brand, as noted in regulatory filings with the Registrar of Companies (RoC).
"Bengaluru Company Gets New Name for $1B IPO Plan"
The Bengaluru-based company recently got approval from the RoC to alter its name. This was a calculated move as it got ready for a large $1 billion initial public offering (IPO). It is anticipated that this IPO, which is scheduled to be filed before the end of the fiscal year, will involve the sale of a sizable number of shares by current investors, valued at an estimated $600 million.
"Swiggy Trims Jobs by 6% to Boost Profits Despite Revenue Rise"
Swiggy is also reportedly reducing its employment by about 6%, affecting roles in technology, call centers, and corporate activities, in an effort to streamline operations and move closer to profitability. The company’s operating revenue for the fiscal year that ended in March 2023 increased by 45% to ₹8,265 crore at the same time that this decision was made. It’s important to remember, though, that the net loss increased by 15% to ₹4,179 crore.
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