Swiggy Ltd IPO

About Swiggy Ltd

Swiggy Limite was incorporated as `Bundl Technologies Private Limited' as a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated December 26, 2013, issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequent to a change in its registered office from the state of Andhra Pradesh to the state of Karnataka pursuant to the Board resolution dated November 2, 2015, and the special resolution passed by its Shareholders on December 11, 2015, a fresh certificate of registration dated September 19, 2016, was issued by the Registrar of Companies, Karnataka at Bangalore (RoC). The Company changed its name to Swiggy Private Limited pursuant to the Board resolution dated January 25, 2024, and the special resolution dated February 19, 2024, further to which a fresh certificate of incorporation dated April 1, 2024 was issued by the Registrar of Companies, Office of the Central Processing Centre (RoC, CPC). The Company was subsequently converted into a public limited company pursuant to the Board resolution dated February 14, 2024 and the special resolution passed by its Shareholders on February 19, 2024 and the name of the Company was changed to `Swiggy Limited'. A fresh certificate of incorporation dated April 10, 2024 was accordingly issued by the RoC, CPC.

Evolving demographic structures are leading to Indian consumers not only shopping more, but also increasingly choosing digital channels for their purchases, and as a result, online commerce platforms have reached over 950 cities. This shift allows consumer-first technology platforms to engage with consumers at multiple touchpoints. Digitally-native consumers are creating an internet-based ecosystem across consumption categories leading to growth in online market. Hyperlocal, urban conveniencedriven, high-frequency commerce platforms stand out for consumers. Between 2018 and 2023, the online Food Delivery and Quick Commerce markets grew at CAGRs of ~42% and 148%-169%, respectively. Further there is significant increase in annual spending by users on online Food Delivery, which has increased from ~Rs.2,800-3,200 in 2018 to approximately Rs.7,500- 8,000 in 2023. The spend per user for Quick Commerce increased to ~Rs.13,400 in 2023 which was negligible in 2018.

Swiggy is a consumer first technology company offering users an easy-to-use convenience platform to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery network. Its platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut), avail product pick-up/drop-off services (Genie) and engage in other hyperlocal commerce (Swiggy Minis, among others) activities. The Company augments the value proposition to users through its membership program Swiggy One, Swiggy Money, and Swiggy-HDFC Bank credit card.

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