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Deepinder Goyal leaves Shark Tank as Swiggy becomes sponsor

EntrackrEntrackr ยท 9m ago
Deepinder Goyal leaves Shark Tank as Swiggy becomes sponsor
Medial

In a significant shift within the Indian startup landscape, Zomatoโ€™s CEO, Deepinder Goyal, announced on Saturday that he will not be returning as a judge for the upcoming fourth season of the popular reality show Shark Tank India. His decision marks a departure from his previous involvement in mentoring aspiring entrepreneurs on the show. This decision comes amid reports that Swiggy, Zomatoโ€™s main competitor in the food delivery space, will be sponsoring the new season of Shark Tank India. An ET report suggests that Goyalโ€™s departure is linked to a strategic agreement that allows Swiggy, Zomatoโ€™s primary competitor in the food delivery market, to sponsor the upcoming season of Shark Tank India. A MoneyControl report added that Swiggy may spend Rs 25 crore to sponsor the new season. โ€œI unfortunately canโ€™t go back because Swiggy sponsored Shark Tank this time and kicked me out,โ€ Goyal said at ET Startup Awards 2024 on Saturday. Goyalโ€™s exit signifies a major change for the show, which has built a substantial following since he became a judge in season 3 last year. Queries sent to Zomato, Swiggy and Shark Tank did not elicit an immediate response. This development coincides with Swiggyโ€™s impending debut on the stock exchange. In its recently filed draft red herring prospectus, Swiggy outlined that it plans to invest approximately Rs 930 crore in brand marketing and awareness. In other news, Swiggy launched a 10-minute food delivery service called Bolt in key locations across Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune. The Bengaluru-based firm also officially launched its Swiggy XL EV fleet, a bulk order delivery service using electric vehicles, in Gurugram. Notably, Zomato had already launched its bulk delivery service earlier in April.

Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer

EntrackrEntrackr ยท 1y ago
Exclusive: Nikhil Kamath-backed Gruhas invests in Shark Tank fame Bummer
Medial

Shark Tank fame direct-to-consumer (D2C) innerwear brand Bummer has raised Rs 9.25 crore led by Gruhas Consumer Fund along with the participation of Fluid Ventures Fund. The board at Bummer has passed a special resolution to issue 2,16,121 pre-series A1 CCPS at an issue price of Rs 428 each to raise Rs 9.25 crore, its regulatory filing sourced from the RoC shows. Gruhas Consumer Fund pumped in Rs 8 Cr while Fluid Ventures Fund participated with Rs 1.25 crore in the new round. Gurhas is a venture capital fund co-founded by Nikhil Kamath and Abhijeet Pai. The company will use the proceeds to expand and develop its categories, according to the filings. Founded in 2019, Bummer sells comfort wear and innerwear for both men and women. The company claims that its products use 47% less water for manufacturing and reduce carbon footprint by 18%. Following the fresh proceeds, Gruhas became the largest stakeholder with 17.3%, followed by Beenext Asia, Fluid Ventures, and Thapar Vision LLP. Its founder and CEO Sulay Lavsi along with his family command 45.97% of the company. As per TheKredibleโ€™s estimates, the company has been valued at around Rs 46.5 crore or $5.6 million post-allotment. Before this, Bummer had raised 180K from Singaporeโ€™s Beenext and Rs 75 lakh on TV show Shark Tank India led by Aman Gupta, co-founder and CMO of boAt and Namita Thapar, CEO of Emcure Pharmaceuticals. During the previous fiscal year that ended March 2023, Bummerโ€™s revenue from operations surged three-fold to Rs 7.83 crore while the losses of the firm spiked 2.8X to Rs 2.94 crore in the same period.

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