What is 'Rare Club,' Swiggy's invite-only membership costing ₹50,000 annually
What's the story
Swiggy, a leading food delivery platform in India, is reportedly testing an exclusive concierge membership program called "Rare Club."
The Arc reports that this premium service is designed for customers willing to pay an annual fee starting at ₹50,000.
The initiative is currently invite-only and aims to attract the top 0.1% of young consumers — a demographic characterized by rising professionals and successful individuals seeking convenience and exclusivity.
Membership benefits
Rare Club offers unique experiences and exclusive deals
Rare Club members will have access to a variety of unique experiences spanning food and beverages, concierge services, events, and networking opportunities.
They will also be privy to exclusive deals not typically available to the wider consumer base.
Swiggy plans to make these subscriptions more widely accessible by the end of October.
However, the company won't manage these operations directly but will collaborate with event management companies and professional concierge agencies for premium member services.
Financial growth
Swiggy's IPO journey and market performance
Swiggy's shareholders have greenlit an expansion of the company's Initial Public Offering (IPO) size from ₹3,750 crore to ₹5,000 crore (fresh issue).
The Offer for Sale (OFS) component of the IPO remains unchanged at ₹6,664 crore.
Swiggy's IPO is poised to be one of the largest among new-age technology companies, potentially reaching a valuation of ₹11,664 crore.
For FY2024, the company reported a 44% reduction in losses to ₹2,350 crore and a 36% increase in operating revenue to ₹11,247.3 crore.