| Company | Value | Change | %Change |
|---|
This new subsidiary, Swiggy said, will mainly engage in sports team ownership, management, talent development, event organisation, and facility operation, offering career services, acquiring broadcasting and sponsorship
rights, and promoting sports events through various business models.
It said in the disclosure that it is in the process of incorporating a wholly owned subsidiary and the name application made by the Company with the Ministry of Corporate Affairs is under process. The name will be disclosed upon incorporation of the entity.
The new entity will be a 100% subsidiary of Swiggy with a share capital of ₹1 lakh.
Last week, Swiggy entered the growing pickleball space in India and announced the acquisition of Team Mumbai in the inaugural season of the World Pickleball League (WPBL), which is set to happen in Mumbai from January 24 to February 2, 2025.
This comes after Swiggy’s direct rival Zomato forayed into the events business in August through the acquisition of Paytm’s ticketing business for ₹2,048 crore.
In November, it launched ‘District’ an app for its going out business that allows users to book tickets for movies, sports events, live performances, shopping, staycations, and more. Zomato’s dining out business, which is part of its main app will also be transitioned into the District app along with Paytm’s Insider app, which it acquired. In the last quarter (Q2), Zomato reported ₹154 crore in revenue from its going-out business.
