• Source:JND
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The food delivery and quick commerce platform provider Swiggy became a listed company on Wednesday i.e. November 13. The shares of Swiggy made a decent debut with a premium of 8% on NSE and around 6% on BSE.  Meanwhile, Swiggy's arc rival Zomato welcomed Swiggy on stock exchanges with a sweet post on "X".

In a post on the microblogging site X, Zomato wrote, "You and I...In this beautiful world," sharing a picture of delivery agents of both the food aggregators giants keeping hands on each other shoulders and looking towards the Bombay Stock Exchange (BSE). 

In a response to Zomato's post, Swiggy wrote, " It's giving Jai and Veeru"

The Competition Commission of India (CCI) is reportedly looking into allegations that food aggregators are violating competition laws. The CCI is reportedly investigating complaints that food aggregators are engaging in anti-competitive behaviour. The CCI is looking into claims that it violated antitrust laws by favouring certain restaurant partners listed on its platform.

According to reports, Zomato has signed a special deal to give preference to certain partner restaurants in exchange for a lower commission. Swiggy, on the other hand, has assured certain of its restaurant partners of business growth if they list exclusively on its platform. According to competition law, this step protects other market players from unfair disadvantages to remain competitive and give the selected company an edge in the market.

Also Read: Swiggy Share Price Surges Up To 15% In Intraday Trade After Listing At 8% Premium

The CCI launched an investigation in 2022 against claims made by the National Restaurant Association of India (NRA) about the alleged activities of the two food aggregators. The CCI documents related to the investigation are not available in the public domain.

Zomato rejected the allegations and the report on Nov. 10, telling exchanges that the antitrust agency had launched an investigation but no conclusive findings or orders had been issued against the company. Swiggy also denied the media claims in a statement.

Meanwhile, Swiggy made its stock market debut and opened on a positive note today. It opened with a gain of 7.69 per cent at Rs 420 per share against an issue price of Rs 390. The company's stock is up more than 14 per cent at the time of writing.

Swiggy, which was launched in 2014, offers a user-friendly platform accessible through an app, with the help of an on-demand partner network. Swiggy's platform also facilitates restaurant reservations (Dineout), event booking (Steppinout), product pickup and delivery (Gini), and other hyperlocal commerce activities (Swiggy Minis).

Also Read: Reliance Power Share Price Plunges Up To 5% Despite Company Reports Massive Profit In Q2

(With ANI's Inputs

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