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On Wednesday when Swiggy IPO opened on stock exchanges with an 8 per cent gain, rival Zomato posted a sweet gesture on "X".
In a post on social media platform X, Zomato posted, "You and I...In this beautiful world," with a picture of delivery agents of both the food aggregators keeping hands on each other shoulders and looking towards the Bombay Stock Exchange (BSE), an indication from Zomato for its competitor for the shared ecosystem. https://x.com/zomato/status/1856547541828935915 Recently there were reports that the Competition Commission of India (CCI) is investigating the food aggregators for violation of competition laws. Reportedly the CCI is investigating the allegations of anti-competition activities by the food aggregators. The CCI is investigating charges of breaching antitrust laws by favouring select restaurant partners listed on their platforms. As reported Zomato has done special contracts to give preference to some partner restaurants in return for lower commission. While Swiggy assured its certain restaurant partners a business growth on the condition of their listing exclusively on their platform. As per the competition rules, this move prevents other market players an unfair disadvantage in staying competitive and granting an edge to the chosen company in the market place. The CCI investigation began in 2022 against the complaint of National Restaurant Association of India, which raised concerns on the alleged move by these two food aggregators. The CCI documents regarding the investigations are not in the public domain. Zomato on November 10 rejected these charges and reports and informed the exchanges that the antitrust body initiated the investigation but no conclusive findings or orders have been issued against the company. Swiggy also refuted the media claims in a statement. Meanwhile, Swiggy made debut on stock market today opens with a positive note. The share opened with a gain of 7.69 per cent gain at Rs 420 per share against the issue price of Rs 390. At the time of writing this report, the stocks of the company upped over 14 per cent. Launched in 2014, Swiggy offers a user-friendly platform accessible through a single app, allowing users to search, select, order, and pay for food (Food Delivery), groceries, and household items (Instamart) with delivery provided by an on-demand partner network. Swiggy's platform also facilitates restaurant reservations (Dineout), event bookings (SteppinOut), product pickups and deliveries (Genie), and other hyperlocal commerce activities (Swiggy Minis). Additionally, the company offers a membership program called "Swiggy One" that includes discounts and offers, as well as in-app payment solutions like "Swiggy Money" (a prepaid wallet), "Swiggy UPI," and a Swiggy-HDFC Bank credit card for extra benefits. (ANI)
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