Swiggy yet to receive CCI's confidential findings on anti-competitive practices
What's the story
Swiggy has said that it is still waiting for the confidential details of the Competition Commission of India (CCI)'s findings.
The findings pertain to the Director General's (DG) report on Swiggy's business conduct.
The company clarified this in a statement shared with CNBC-TV18 today.
The statement comes days after allegations that both Swiggy and Zomato have engaged in anti-competitive behavior.
Ongoing probe
CCI's investigation into alleged anti-competitive practices
In its preliminary findings, CCI indicated that both Swiggy and Zomato may have entered into exclusive agreements with some restaurant partners, in violation of competition laws.
However, the CCI is yet to pass a final ruling in this case. The parties involved will be given an opportunity to respond before any definitive conclusions are drawn from the investigation results.
Preliminary stage
Stance on the ongoing CCI investigation
Swiggy has stressed that the CCI investigation is at a nascent stage and no conclusive decision has been taken on its business practices since 2022.
"Swiggy is fully cooperating with the investigation and is committed to complying with the extant laws of the country," the company said.
The firm also noted that on the basis of a CCI order dated April 5, 2022, certain elements of its business conduct were being examined by DG.
Transparency
Swiggy discloses details of CCI investigation in public filing
Swiggy has revealed all details pertaining to the ongoing CCI investigation in its public filing of the draft red herring prospectus (DRHP) filed earlier this month.
The company is currently facing proceedings filed by the National Restaurant Association of India (NRAI) with the CCI.
NRAI alleged that certain activities carried out by Swiggy are in contravention of the Competition Act, 2002, potentially causing an appreciable adverse effect on market competition.
Market debut
IPO plans amid CCI probe
The developments regarding the CCI probe into alleged anti-competitive practices come as Swiggy gears up for its initial public offering (IPO).
The company is poised to debut on Dalal Street and list on the exchanges shortly.
Despite these hurdles, Swiggy says it remains committed to transparency and compliance with all applicable laws as it continues its journey toward becoming a publicly traded entity.