Swiggy kicked me out of Shark Tank: Zomato CEO Deepinder Goyal

Swiggy, the food and grocery platform which is headed for an IPO, has almost finalised a 25-crore sponsorship deal for the fourth season of Shark Tank India.

According to those close to the development, in the agreement, Swiggy has demanded that Zomato founder and CEO Deepinder Goyal will not return to the show as an investor.  Swiggy, which is Zomato’s direct rival, has reportedly demanded Goyal’s removal from the show.

Goyal too has declared that he will not be participating in the show.

Media reports quoted him as saying, "I unfortunately can't go back because Swiggy sponsored Shark Tank this time and kicked me out," he stated at an event on Saturday.

“Apparently, that’s what I heard that they said this is the sponsorship and DP can’t be on the show,” he added.

The Securities and Exchange Board of India (SEBI) received Swiggy's first amended draft red herring prospectus (DRHP) on September 26.

Swiggy's FY24 revenue has increased 36%, from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24. Its losses decreased by 44% during that time, from Rs 4,179 crore to Rs 2,350 crore, largely due to tighter cost control. Zomato, on the other hand, made Rs 351 crore in profit on Rs 12,114 crore in revenue in FY24.

The IPO plan for Swiggy has been announced three years after Zomato went public.