IPO-bound food and grocery delivery major Swiggy 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).
The name change will be subject to the approval of the Registrar of Companies (RoC).
The development comes at a time when the food delivery giant is gearing up for its initial public offering (IPO). As per Inc42 that first wrote about the name change, Swiggy’s management believes that the change in the name will help establish greater proximity and identification of the company’s corporate name with its core brand, ‘Swiggy’.
Swiggy group CEO and co-founder Sriharsha Majety had told Moneycontrol in Davos in January that IPO preparations were underway. “We’ve been preparing for our IPO. We’ve added independent directors to the board and there’s all kinds of preparations that are on,” Majety said.
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In February last, the food and grocery delivery platform had appointed Delhivery founder and CEO Sahil Barua, TAFE chairperson and managing director Mallika Srinivasan and Shailesh Haribhakti & Associates chairman Shailesh Haribhakti as independent directors to its board. While Srinivasan stepped down earlier this month, the others continue to be on the board.
In December, Swiggy inducted FMCG veteran Anand Kripalu on its board as an independent director and also named him as the chairperson.
As part of the IPO preparation, Majety said he was also spending time with tech founders who had taken their companies public in recent years, including rival Zomato CEO Deepinder Goyal.
Swiggy and Zomato dominate the food delivery market in the country, accounting for about 95 percent of the entire business.
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