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‘Kicked me out,’ Zomato CEO Deepinder Goyal says as Swiggy is set to sponsor Shark Tank India Season 4 | Mint

LivemintLivemint · 9m ago
‘Kicked me out,’ Zomato CEO Deepinder Goyal says as Swiggy is set to sponsor Shark Tank India Season 4 | Mint
Medial

- Swiggy is set to sponsor the fourth season of Shark Tank India, cementing its position in the food delivery market. - Swiggy has reportedly demanded that Zomato CEO Deepinder Goyal not participate in the show as an investor, indicating intense competition between the two platforms. - The proposed IPO of Swiggy is expected to raise around ₹5,000 crore, including a fresh issue of equity shares and an offer-for-sale by existing shareholders. - Zomato, which went public three years ago, currently has a market capitalization of $25 billion, more than twice the estimated valuation of Swiggy at $10 billion. - Swiggy's IPO plan comes after the success of Zomato's stock, which witnessed a significant rise this year, indicating a favorable market for food delivery platforms.

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Deepinder Goyal leaves Shark Tank as Swiggy becomes sponsor

EntrackrEntrackr · 9m ago
Deepinder Goyal leaves Shark Tank as Swiggy becomes sponsor
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.

ETSA 2024 | Don't need to be in Bengaluru to build a startup: Zomato's Deepinder Goyal

Economic TimesEconomic Times · 9m ago
ETSA 2024 | Don't need to be in Bengaluru to build a startup: Zomato's Deepinder Goyal
Medial

- Zomato CEO, Deepinder Goyal, mentioned that one does not need to be in Bengaluru to build startups. - Nandan Nilekani, Infosys Chairman, had previously emphasized Bengaluru as the best city for entrepreneurs. - Goyal's remark reignites the debate about which city is the hub of the startup ecosystem in India. - While Bengaluru has traditionally been seen as the dominant force in the startup ecosystem, New Delhi has been gaining ground in recent years. - Apart from Zomato, several other startups from New Delhi, such as Paytm, Delhivery, and Policybazaar, have explored public market listings. - Goyal shared insights about Zomato's journey, changes after the IPO, and appearing on Shark Tank during the ET Startup Awards in Bengaluru.

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