Swiggy to incorporate subsidiary for sports, recreation biz
The new Swiggy entity will deal with sports team ownership, management, talent development, event organization, acquiring of broadcasting and sponsorship rights, and promoting sports events
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Published: Dec 4, 2024 11:24 AM | 1 min read
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Swiggy is in process of incorporating a wholly owned subsidiary and the name application made by the Company with Ministry of Corporate Affairs is under process.
Upon incorporation of the entity, the Company shall make a separate disclosure disclosing the name of the entity.
The main objective of the newly to-be incorporated 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.
The share capital for the entity shall be Rs 1 Lakh.
Swiggy shall hold 100% stake in the entity.
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