Swiggy, the prominent foodtech company, has received approval from the Ministry of Corporate Affairs (MCA) to establish a new sports-focused subsidiary, Swiggy Sports Private Limited.
The company shared the news in an exchange filing on January 16, outlining the objectives of this new entity, which will encompass sports team ownership, event management, talent development, broadcasting and sponsorship acquisitions, and the promotion of sports through various business models.
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This approval comes shortly after Swiggy’s board gave the green light in December for the creation of a subsidiary aimed at expanding into sports, amusement, and recreation activities. At the time, the company clarified that the new venture’s primary role would be managing the Mumbai pickleball team it acquired for the World Pickleball League (WPBL), with no immediate plans to diversify further into the sports industry.
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However, the approval marks a shift in Swiggy’s strategy as it continues to diversify. Alongside its sports venture, the company has recently rolled out several new initiatives, including the ‘SNACC’ app, which promises 15-minute food deliveries in parts of Bengaluru. Swiggy also expanded into the services marketplace with the launch of Pyng Professional, a platform for professional services. Additionally, it introduced ‘Swiggy Scenes,’ allowing users to book events and parties at partner restaurants, and unveiled a premium invite-only membership program, ‘One BLCK.’
With these moves, Swiggy is clearly setting its sights on broader horizons beyond its core food delivery services.