In a significant move, Zomato cofounder and CEO Deepinder Goyal will not be a part of the upcoming season of Shark Tank India, after competitor Swiggy negotiated his removal as part of a sponsorship agreement.
Goyal confirmed his exit from the popular TV show, stating, “I unfortunately can’t go back because Swiggy sponsored Shark Tank this time and kicked me out,” in a conversation with the Economic Times.
According to a report by Moneycontrol, Swiggy, which is preparing for an IPO, included a clause in its sponsorship deal with Shark Tank India that specifically bars Goyal from serving as a judge on the show. The Bengaluru-based foodtech giant is reportedly close to finalising a deal worth INR 25 Cr to sponsor the fourth season of the TV show.
In response to a question about Swiggy’s impending IPO, Goyal remarked, “I genuinely don’t know, and we don’t even think about it. We’ll see what happens.”
Swiggy’s IPO journey is well underway. On September 26, the company filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The public issue is expected to include a fresh issue of shares worth INR 3,750 Cr, along with an offer for sale (OFS) of 18.57 Cr shares. However, recent reports indicate that Swiggy has received shareholder approval to increase the size of the fresh issue to INR 5,000 Cr.
Swiggy plans to allocate INR 950 Cr from the IPO proceeds towards marketing and brand awareness, aiming to drive growth and attract more customers.
In the lead-up to its IPO, Swiggy has launched a series of new services. On October 6, the company introduced ‘Swiggy XL EV,’ a bulk order service in Gurugram, shortly after piloting the service for large orders. Additionally, Swiggy recently rolled out ‘Bolt,’ a 10-minute delivery service for quick-to-prepare meals across six cities, including Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune.
The company is also reportedly testing a high-priced concierge membership that offers subscribers access to exclusive experiences and events.
Despite these initiatives, Swiggy’s financial performance shows challenges ahead. The company reported a consolidated net loss of INR 611 Cr in the first quarter of the fiscal year 2024-25 (FY25), up 8% from INR 564.08 Cr during the same period last year. Revenue from operations, however, surged 35% to INR 3,222.2 Cr from INR 2,389.8 Cr in Q1 FY24, indicating strong growth in operations.
