Swiggy on Wednesday announced that the Ministry of Corporate Affairs approved the incorporation of Swiggy Sports, a wholly-owned subsidiary of the company. The new subsidiary will operate in the sports activities and amusement and recreation activities space.
In a regulatory filing, Swiggy said, “We would like to inform you that Ministry of Corporate Affairs, Central Processing Centre has approved incorporation of Swiggy Sports Private Limited, a wholly owned subsidiary of the Company, today, January 15, 2025.”
Also ReadQSRs stare at another weak quarter in Q3
The company said that the main objective on the newly formed entity will include engaging in sports team ownership, management, talent development, event organization, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models, etc.
Also Read Swiggy Instamart launches InstaWarmer at CyberHub Approvals for medical devices may ease with new classification Swiggy Instamart expands to 76 cities, says co launching a parallel standalone app Swiggy launches SNACC for 15-minute food delivery
“Share capital for the entity shall be Rs 1 lakh,” it said.
Earlier this month, Swiggy had launched a new app, SNACC, aimed at delivering quick bites, beverages, and meals in just 15 minutes. The app went live on January 8 in select parts of Bengaluru, with plans to expand to other regions soon.
On January 9, it announced that Swiggy Instamart has expanded to 76 cities across the nation, and the platform will soon also be available as a standalone app. However, it had maintained that Instamart will continue to be accessible via Swiggy’s unified platform.
» Read More
