Swiggy launches new subsidiary in sports and recreational activities; name under process

The subsidiary will also pursue broadcasting and sponsorship rights and promote sports events through different business models.

By  Storyboard18Dec 4, 2024 10:05 AM
Swiggy launches new subsidiary in sports and recreational activities; name under process
This move into the sports sector comes shortly after Swiggy made headlines by entering the rapidly growing pickleball market in India.

Swiggy has announced the creation of a new wholly owned subsidiary focused on sports and recreational activities. According to a recent stock exchange filing, the subsidiary will engage in various sports-related endeavors, including team ownership, talent development, event management and facility operations.

It will also pursue broadcasting and sponsorship rights and promote sports events through different business models.

The company stated that the new subsidiary has yet to begin operations, and its incorporation process is currently underway. The name for the entity is still pending, with an application to the Ministry of Corporate Affairs in progress. Once officially incorporated, the entity will be fully owned by Swiggy, with an initial share capital of Rs 1 lakh.

This move into the sports sector comes shortly after Swiggy made headlines by entering the rapidly growing pickleball market in India. Last week, Swiggy acquired Team Mumbai for the inaugural season of the World Pickleball League (WPBL), set to take place in Mumbai from January 24 to February 2, 2025.

Swiggy’s new venture into sports and recreation follows a similar move by its competitor, Zomato. In August, Zomato entered the events industry through its Rs 2,048 crore acquisition of Paytm's ticketing business. Last month, Zomato launched 'District', a new app for its expanding "going out" business. This app enables users to book tickets for various activities, including movies, sports, live performances, and staycations, and will integrate Zomato's dining-out services as well as Paytm’s Insider app.

First Published on Dec 4, 2024 10:05 AM

More from Storyboard18

Brand Makers

'She taught me purpose': How Priya Nair’s mother shaped HUL’s first woman CEO

'She taught me purpose': How Priya Nair’s mother shaped HUL’s first woman CEO

Brand Makers

Who is Priya Nair - the first-ever female CEO and MD of HUL?

Who is Priya Nair - the first-ever female CEO and MD of HUL?

Brand Marketing

Range Rover unveils new logo ahead of electric SUV launch

Range Rover unveils new logo ahead of electric SUV launch

Brand Marketing

Meta faces French antitrust heat over alleged ad market dominance

Meta faces French antitrust heat over alleged ad market dominance

How it Works

BCCI rejects Champak Magazine's offer to settle IPL robotic dog trademark dispute

BCCI rejects Champak Magazine's offer to settle IPL robotic dog trademark dispute

Brand Marketing

Days after axing thousands of jobs, Microsoft says AI helped save over $500 million

Days after axing thousands of jobs, Microsoft says AI helped save over $500 million

Brand Marketing

Cannes Lions Grand Prix Spotlight: How PENNY turned price into packaging - and won big

Cannes Lions Grand Prix Spotlight: How PENNY turned price into packaging - and won big

Brand Marketing

Zepto to raise $450-$500 million from existing investor, valuation likely to surge to $7 billion

Zepto to raise $450-$500 million from existing investor, valuation likely to surge to $7 billion