IPO-bound food and grocery delivery start-up Swiggy which was earlier running under its registered name Bundle Technologies Pvt Ltd has changed its name and now will be known by its new registered name Swiggy Pvt Ltd.

The company's board has passed a special resolution to change the registered company name.

Swiggy said in the regulatory filing made with the Registrar of Companies (RoC) that the move will help the company to establish greater proximity and identification of the company’s corporate name with the company’s core brand.

Founded by Nandan Reddy and Sriharsha Majety in 2014, the company received RoC's approval for the name change earlier this month.

Swiggy is planning to file its  Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India. The company's food segment has turned profitable, the CEO announced in a blog post last year.

It aims to reduce costs and achieve full profitability as it approaches the public listing, the company has said.

According to available information, the company's operating revenue for the fiscal year ending March 2023 surged by 45 percent year-on-year to Rs 8,265 crore, while the net loss widened by 15 percent to Rs 4,179 crore during the same period.

As the company plans its IPO, its investors seem to be supporting it. Invesco, an American investment firm holding a 2 percent stake, has raised Swiggy's valuation to $8.3 billion, marking the second upward adjustment. It acquired the shares through an investment of $190.5 million, reflecting a significant increase from the initial estimate of $147.6 million.