Swiggy gets government nod to launch sports subsidiary, Swiggy Sports
What's the story
Swiggy has received the nod from Ministry of Corporate Affairs (MCA) to set up its new sports subsidiary, Swiggy Sports. To recall, the company announced the setting up of Swiggy Sports in its July-September earnings report. The move comes after Swiggy acquired a pickleball team in November last year. The new entity will mainly cater to this team.
Expansion plans
Swiggy Sports to venture into recreation activities
Apart from hosting the pickleball team, Swiggy Sports will also explore amusement and recreation activities. The company detailed its plans for the new subsidiary in a stock exchange filing. "The main objects of the newly incorporated entity will include engaging in sports team ownership, management, talent development, event organization, and facility operation," the filing read.
Business strategy
It will offer these services
Swiggy Sports also intends to offer career services, obtain broadcasting and sponsorship rights, and promote sports events through different business models. This strategic move by Swiggy comes after it acquired Team Mumbai in the World Pickleball League (WPBL), India's first global franchise-based pickleball league. The WPBL's first season is set to take place from January 24 to February 2, 2025.