Tech3 | Swiggy IPO sails through amid CCI probe; TCS slashes variable pay; and more

Earnings watch: Info Edge Q2 profit slumps 65%; Ola Electric net loss narrows to Rs 495 cr ?

In today’s newsletter:

• Swiggy IPO sails through amid CCI probe
• TCS slashes variable pay
• AI Cops take over tech capital

Swiggy IPO sails through amid CCI probe

It’s a mixed Friday for Swiggy. While it has a reason to celebrate, there’s also an update that will keep it up at night.?

Tell me more: Swiggy’s IPO was oversubscribed 3.6 times on its third and final day after two days of lacklustre demand.?

• Qualified Institutional Buyers (QIBs) led the demand by oversubscribing 6X of what they were allotted
• Employees were the second highest bidders at 1.65X
• Non Institutional Investors (NIIS) interest was the lowest with the retail portion just scraping through?

All’s not rosy: India’s antitrust body, the Competition Commission of India (CCI), is probing Swiggy and its rival, Zomato, over unfair business practices.?

• The CCI has alleged that the two companies made their respective restaurant partners sign “exclusive contracts” which essentially discourages competition

• Zomato entered into an agreement in return for lower commissions
• And Swiggy guaranteed business growth to select restaurants if they listed exclusively on its platform, according to internal CCI documents?

The practice affects restaurants as they cannot offer lower prices on other online platforms, the CCI documents showed.?

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