Swiggy and Zomato are reportedly looking to expand their offerings beyond food and grocery delivery. According to The Economic Times, based in Bengaluru, the company is working on two new services called – Yello and Rare.
Citing sources familiar with the development, the report says that Swiggy is gearing up to launch a pilot program for a new services marketplace called “Yello”. This platform is expected to feature professionals like lawyers, therapists, fitness trainers, astrologers, dietitians, and more. The Bengaluru-based company has reportedly reached out to professionals and may roll-out the pilot in select locations.
While Rare will be a premium membership service, for affluent customers. The service will give access to high-end events such as Formula 1 races, music concerts, upscale art exhibitions, in addition to VIP hospitality and priority reservations at luxury restaurants.
Zomato writes to BSE
Meanwhile, Zomato has replied to the Bombay Stock Exchange (BSE) stating that the Competition Commission of India's (CCI) investigation is not new and was ordered in 2022. A CCI probe has found that food delivery platforms Zomato and Swiggy indulged in unfair business practices, including alleged preferential treatment to some restaurant partners. In its letter, Zomato said “In this regard, we would like you to note that the Hon’ble Competition Commission of India (“Commission”) had issued a prima facie order on April 4, 2022, which directed the Office of the Director General of the Commission (“DG”) to investigate potential violations under the Competition Act, 2002 (as amended) (“Competition Act”) (“Prima Facie Order”).
The Prima Facie Order was disclosed to the stock exchanges on April 5, 2022, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). A copy of the said disclosure is attached as Annexure A.”
“Since the intimation of April 5, 2022, the Commission, on merits, has not passed any order. Hence, there have been no further reportable events under the LODR Regulations that obligates the Company to make any disclosures under Regulation 30.”
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Citing sources familiar with the development, the report says that Swiggy is gearing up to launch a pilot program for a new services marketplace called “Yello”. This platform is expected to feature professionals like lawyers, therapists, fitness trainers, astrologers, dietitians, and more. The Bengaluru-based company has reportedly reached out to professionals and may roll-out the pilot in select locations.
While Rare will be a premium membership service, for affluent customers. The service will give access to high-end events such as Formula 1 races, music concerts, upscale art exhibitions, in addition to VIP hospitality and priority reservations at luxury restaurants.
Zomato writes to BSE
Meanwhile, Zomato has replied to the Bombay Stock Exchange (BSE) stating that the Competition Commission of India's (CCI) investigation is not new and was ordered in 2022. A CCI probe has found that food delivery platforms Zomato and Swiggy indulged in unfair business practices, including alleged preferential treatment to some restaurant partners. In its letter, Zomato said “In this regard, we would like you to note that the Hon’ble Competition Commission of India (“Commission”) had issued a prima facie order on April 4, 2022, which directed the Office of the Director General of the Commission (“DG”) to investigate potential violations under the Competition Act, 2002 (as amended) (“Competition Act”) (“Prima Facie Order”).
The Prima Facie Order was disclosed to the stock exchanges on April 5, 2022, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). A copy of the said disclosure is attached as Annexure A.”
“Since the intimation of April 5, 2022, the Commission, on merits, has not passed any order. Hence, there have been no further reportable events under the LODR Regulations that obligates the Company to make any disclosures under Regulation 30.”
Read more:
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