Bengaluru-based Indian foodtech decacorn Swiggy is planning to launch its Initial Public Offering (IPO) in the latter half of this year. Two people, who are aware of the development, told Entrackr. 

“Swiggy has put a plan in place to be ready for IPO by September this year. But it would take another 6-8 months to file pre-IPO documents with regulators in India,”  one of the persons mentioned above told Entrackr. 

On Monday, the company announced the appointment of Sahil Barua, the chief executive officer (CEO) of Delhivery, Mallika Srinivasan, managing director (MD) of TAFE and chartered accountant Shailesh Haribhakti as three independent directors. Multiple sources considered this development as an indication of its IPO. 

Last year, the start-up planned the IPO at the end of December 2023. However, witnessing the volatility in the market, the company postponed the filing of its draft red hiring prospectus (DRHP). 

Entrackr reported that the administrative board of Swiggy is aiming to cut down its monthly cash burn in its food delivery business as a preparation to be listed on the Indian stock market. 

In the financial year 2022, the company witnessed a 2.2x increase in its net loss to Rs 3,629.8 crore from Rs 1,616.9 crore. Along with its loss, it also managed to earn a 2x scale in its revenue to Rs 6119.8 crore from Rs 2675.9 crore. 

Recently, the Indian decacorn laid off 380 employees as a cost-cutting measure and entered the club of Indian start-ups that trimmed its employee numbers to keep their business on the profitability track.