The new entity will be engaged in sports team ownership, management, talent development, event organisation, and acquiring broadcasting and sponsorship rights
The nod comes a month after Swiggy received board approval to set up a new subsidiary catering to the “sports activities and amusement and recreation activities” segment
Swiggy said in December that the sports subsidiary was being set up to only house the Mumbai pickleball team it acquired in the World Pickleball League
Foodtech major Swiggy
has received the approval from the corporate affairs ministry (MCA) to incorporate its sports arm, Swiggy Sports Private Limited.
In an exchange filing on Wednesday (January 16), the company said that the “main objects of the newly to be incorporated entity will include engaging 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 etc”.
The nod comes a month after the foodtech major received approval from its board to set up a new subsidiary catering to the “sports activities and amusement and recreation activities” segment.
At the time in December, Swiggy said that the subsidiary was being set up to only house the Mumbai pickleball team it acquired in the World Pickleball League (WPBL).
“At this point, our involvement is purely limited to owning the rights to the Mumbai pickleball team, with no plans to expand into sports further,” Swiggy said.
The latest development comes at a time when Swiggy has been aggressively launching new offerings and foraying into new areas. Recently, it rolled out its new ‘SNACC’ appwhich offers 15-minute food delivery service in select parts of Bengaluru.
Last week, it also forayed into the services marketplace segment with the launch of a new app, Pyng Professional. Meanwhile, in December, the company launched a new service called ‘Swiggy Scenes’ to enable users to book parties and events at Swiggy’s partner restaurants. Prior to that, Swiggy also debuted its new premium invite-only membership programme, ‘One BLCK’.
On the financial front, Swiggy narrowed its net loss by nearly 5% year-on-year (YoY) to INR 625.53 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25). Meanwhile, operating revenue zoomed 30% YoY to INR 3,601.45 Cr during the quarter.
Shares of Swiggy ended Wednesday’s trading session 4.75% higher at INR 487.10 on the BSE.
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