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.