In a strategic move preceding its much-anticipated stock market debut later this year, Swiggy has transformed from a private limited entity to a public limited one. Documents filed with the Registrar of Companies indicate this transition, as per reports by The Economic Times (ET).

As part of this transformation, the parent company of the renowned food delivery and quick-commerce platform has undergone a name change from Swiggy Private Limited to Swiggy Limited. This alteration aligns with the company’s forthcoming plan to submit a draft red herring prospectus, laying the groundwork for an initial public offering (IPO) of shares estimated at $1 billion towards the year-end.

Swiggy joins a cohort of modern internet enterprises gearing up for public listing. Towards the end of 2023, entities such as Ola Electric, FirstCry, and Awfis initiated the process by filing their draft IPO papers. Furthermore, Honasa Consumer, the parent company of Mamaearth, made its public debut in November.

On February 27, Swiggy underwent an official name change from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd. This alteration was aimed at enhancing the company’s corporate identity alignment with its core brand, ‘Swiggy.’

As Swiggy gears up to file its draft IPO papers, it intensifies efforts to bolster its financial performance and mitigate cash burn, particularly within its quick-commerce arm, Instamart. Despite generating revenue of $1.02 billion, the company reported a loss of $207 million for the nine months ending December 2023. In the fiscal year 2023, Swiggy recorded a net loss of $501 million against operating revenue of $992 million.

In January, reports surfaced indicating Swiggy’s plan to downsize its workforce by 6%, affecting approximately 350-400 positions across departments such as technology, call centers, and corporate functions, as part of a cost-cutting initiative. Additionally, Swiggy appointed Suparna Mitra, the chief executive of Titan’s watches and wearables division, as an independent director, succeeding the resignation of Mallika Srinivasan, chairperson of Tractor and Farm Equipment Ltd, from the same position in February.