‘Kicked me out,’ Zomato CEO Deepinder Goyal Says as Swiggy is Set to Sponsor Shark Tank India Season 4
Swiggy, one of India’s leading food delivery platforms, is on the verge of finalizing its agreement to sponsor the much-anticipated fourth season of Shark Tank India. However, this sponsorship comes with a major twist—Zomato CEO Deepinder Goyal, who was an investor in previous seasons, will no longer be a part of the show. The rivalry between India’s top food delivery giants, Zomato and Swiggy, has now spilled over to the popular entrepreneurial reality TV series.
During the ET Startup Awards 2024 held on Saturday, Goyal shared this news, stating that Swiggy had specifically requested his exclusion from the show as part of their sponsorship deal.
“I unfortunately can't go back because Swiggy sponsored Shark Tank this time and kicked me out,” Goyal said. “Apparently, that's what I heard. They (Swiggy) said that this is the sponsorship, and DP (Deepinder Goyal) can't be on the show,” he added humorously.
Swiggy’s IPO and Rising Competition
This move underscores the fierce competition between Swiggy and Zomato, especially as Swiggy prepares for its much-anticipated ₹5,000 crore IPO. The IPO will consist of a fresh issue of equity shares worth ₹3,750 crore and an offer-for-sale (OFS) of over 185 million equity shares by existing shareholders. Swiggy’s IPO plans come three years after Zomato's successful public listing.
Swiggy is valued at an estimated $10 billion, which is significantly less than Zomato’s current market capitalization of $25 billion. Zomato’s stock has risen to ₹125 this year, further intensifying the rivalry between the two companies.
Financial Performance and Growth
Swiggy has made significant strides in improving its financial performance, reducing its losses by 43 percent in FY24 to ₹2,350 crore. This improvement is largely due to growth in both its food delivery and quick commerce businesses. Swiggy's revenue from operations in FY24 stood at ₹11,247 crore, marking a 36 percent growth compared to the previous year.
In contrast, Zomato continues to dominate the food delivery space, with a substantial portion of its revenue—46.17 percent—coming from food delivery services. Zomato has also diversified through its B2B Hyperpure business and its acquisition of Blinkit, which competes directly with Swiggy's Instamart.
What’s Next?
The rivalry between Zomato and Swiggy shows no signs of slowing down, with both companies continuously evolving to maintain their foothold in the competitive food delivery market. With Swiggy’s upcoming IPO and Zomato’s ongoing market growth, it will be interesting to see how this competition shapes the future of the food-tech industry in India.
As for Shark Tank India, the absence of Deepinder Goyal will certainly change the dynamics of the show, as Swiggy takes the spotlight as the new sponsor.
Reference From: www.livemint.com