News on Medial

Deepinder Goyal leaves Shark Tank as Swiggy becomes sponsor

Entrackr · 10m ago

Medial

In a significant shift within the Indian startup landscape, Zomato’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, Zomato’s main competitor in the food delivery space, will be sponsoring the new season of Shark Tank India. An ET report suggests that Goyal’s departure is linked to a strategic agreement that allows Swiggy, Zomato’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. “I unfortunately can’t go back because Swiggy sponsored Shark Tank this time and kicked me out,” Goyal said at ET Startup Awards 2024 on Saturday. Goyal’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 Swiggy’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.