IPO-bound Swiggy has reportedly started testing a premium concierge membership, offering subscribers exclusive access to high-end experiences and events not available to the general public.
Target͏͏ Audience:
According͏͏ to͏͏ The͏͏ Arc,͏͏ the͏͏ offering,͏͏ Rare͏͏ Club,͏͏ targets͏͏ consumers͏͏ willing͏͏ to͏͏ pay͏͏ an͏͏ annual͏͏ membership͏͏ fee͏͏ starting͏͏ at͏͏ INR͏͏ 50,000.
“The͏͏ feature͏͏ is͏͏ currently͏͏ invite-only,͏͏ designed͏͏ to͏͏ appeal͏͏ to͏͏ the͏͏ top͏͏ 0.1%͏͏ of͏͏ young͏͏ consumers—emerging͏͏ professionals͏͏ and͏͏ high-achievers͏͏ who͏͏ are͏͏ gaining͏͏ wealth͏͏ and͏͏ desire͏͏ convenience͏͏ and͏͏ exclusive͏͏ experiences,”͏͏ the͏͏ report͏͏ quoted͏͏ a͏͏ senior͏͏ executive,͏͏ who͏͏ requested͏͏ anonymity.
Exclusive͏͏ Membership͏͏ Experience:
The͏͏ report͏͏ also͏͏ noted͏͏ that͏͏ Rare͏͏ Club͏͏ members͏͏ would͏͏ benefit͏͏ from͏͏ a͏͏ unique͏͏ range͏͏ of͏͏ experiences,͏͏ including͏͏ food͏͏ and͏͏ beverage͏͏ offerings,͏͏ concierge͏͏ services,͏͏ events,͏͏ and͏͏ networking͏͏ opportunities,͏͏ along͏͏ with͏͏ exclusive͏͏ deals͏͏ not͏͏ available͏͏ to͏͏ the͏͏ general͏͏ public.
Future͏͏ Plans:
Swiggy͏͏ aims͏͏ to͏͏ make͏͏ Rare͏͏ Club͏͏ subscriptions͏͏ accessible͏͏ to͏͏ a͏͏ broader͏͏ audience͏͏ by͏͏ the͏͏ end͏͏ of͏͏ October,͏͏ according͏͏ to͏͏ another͏͏ source.͏͏ However,͏͏ the͏͏ company͏͏ will͏͏ not͏͏ manage͏͏ the͏͏ operations͏͏ directly͏͏ and͏͏ will͏͏ instead͏͏ collaborate͏͏ with͏͏ event͏͏ management͏͏ firms͏͏ and͏͏ professional͏͏ concierge͏͏ agencies͏͏ to͏͏ cater͏͏ to͏͏ its͏͏ premium͏͏ members.
This͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ the͏͏ company͏͏ is͏͏ preparing͏͏ to͏͏ go͏͏ public,͏͏ having͏͏ filed͏͏ its͏͏ first͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ with͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI)͏͏ for͏͏ an͏͏ initial͏͏ public͏͏ offering͏͏ worth͏͏ INR͏͏ 3,750͏͏ Cr͏͏ ($450͏͏ Mn).
Additionally,͏͏ the͏͏ company͏͏ received͏͏ shareholder͏͏ approval͏͏ to͏͏ increase͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ in͏͏ its͏͏ IPO͏͏ from͏͏ INR͏͏ 3,750͏͏ Cr͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr͏͏ just͏͏ a͏͏ day͏͏ ago.
Continue͏͏ Exploring:͏͏ IPO-bound Swiggy receives͏͏ shareholders’͏͏ approval͏͏ to͏͏ increase͏͏ fresh͏͏ issue͏͏ size͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr
Meanwhile,͏͏ market͏͏ rival͏͏ Zomato͏͏ has͏͏ expanded͏͏ into͏͏ the͏͏ entertainment͏͏ segment͏͏ with͏͏ its͏͏ acquisition͏͏ of͏͏ Paytm’s͏͏ events͏͏ and͏͏ movie͏͏ ticketing͏͏ subsidiaries͏͏ for͏͏ INR͏͏ 2,048͏͏ Cr͏͏ in͏͏ an͏͏ all-cash͏͏ deal,͏͏ finalized͏͏ in͏͏ late͏͏ August.
The͏͏ Prosus-backed͏͏ startup͏͏ reduced͏͏ its͏͏ loss͏͏ by͏͏ 44%,͏͏ reporting͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 2,350͏͏ Cr͏͏ for͏͏ the͏͏ financial͏͏ year͏͏ that͏͏ ended͏͏ on͏͏ March͏͏ 31,͏͏ 2024,͏͏ compared͏͏ to͏͏ a͏͏ loss͏͏ of͏͏ INR͏͏ 4,179.3͏͏ Cr͏͏ in͏͏ FY23.
In͏͏ contrast,͏͏ Swiggy’s͏͏ operating͏͏ revenue͏͏ jumped͏͏ 36%͏͏ to͏͏ INR͏͏ 11,247.3͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 8,264.5͏͏ Cr͏͏ the͏͏ previous͏͏ year,͏͏ driven͏͏ by͏͏ the͏͏ expansion͏͏ of͏͏ its͏͏ quick͏͏ commerce͏͏ business,͏͏ Swiggy͏͏ Instamart.
