Deepinder Goyal, cofounder and CEO of Zomato, will not be participating in the next season of Shark Tank India, as Swiggy, a competing foodtech company, has pushed for his removal under its sponsorship terms for the show.
“I͏͏ can’t͏͏ return͏͏ because͏͏ Swiggy͏͏ sponsored͏͏ Shark͏͏ Tank͏͏ this͏͏ time͏͏ and͏͏ had͏͏ me͏͏ removed,”͏͏ Goyal͏͏ told͏͏ the͏͏ Economic͏͏ Times.
Sponsorship͏͏ Clause͏͏ Bars͏͏ Goyal:
According͏͏ to͏͏ a͏͏ separate͏͏ report͏͏ by͏͏ Moneycontrol,͏͏ IPO-bound͏͏ Swiggy͏͏ has͏͏ included͏͏ a͏͏ clause͏͏ in͏͏ its͏͏ sponsorship͏͏ agreement͏͏ stating͏͏ that͏͏ Goyal͏͏ must͏͏ not͏͏ participate͏͏ as͏͏ a͏͏ judge͏͏ on͏͏ the͏͏ TV͏͏ show.͏͏ The͏͏ Bengaluru-based͏͏ foodtech͏͏ giant͏͏ is͏͏ reportedly͏͏ nearing͏͏ a͏͏ deal͏͏ to͏͏ sponsor͏͏ the͏͏ fourth͏͏ season͏͏ of͏͏ Shark͏͏ Tank͏͏ India͏͏ for͏͏ INR͏͏ 25͏͏ crore.
In͏͏ response͏͏ to͏͏ a͏͏ question͏͏ about͏͏ Swiggy’s͏͏ IPO,͏͏ Goyal͏͏ stated,͏͏ “I͏͏ genuinely͏͏ don’t͏͏ know,͏͏ and͏͏ it’s͏͏ not͏͏ something͏͏ we͏͏ focus͏͏ on.͏͏ We’ll͏͏ see͏͏ what͏͏ happens.”
Continue͏͏ Exploring:͏͏ Swiggy likely͏͏ to͏͏ have͏͏ lower͏͏ public͏͏ market͏͏ valuation͏͏ than͏͏ Zomato:͏͏ Elara͏͏ Capital
Swiggy’s͏͏ IPO͏͏ Update:
On͏͏ September͏͏ 26,͏͏ Swiggy͏͏ submitted͏͏ its͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ to͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI)͏͏ for͏͏ its͏͏ IPO.͏͏ The͏͏ draft͏͏ indicates͏͏ that͏͏ the͏͏ public͏͏ issue͏͏ will͏͏ include͏͏ a͏͏ fresh͏͏ share͏͏ issuance͏͏ worth͏͏ INR͏͏ 3,750͏͏ crore͏͏ and͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ (OFS)͏͏ of͏͏ 18.57͏͏ crore͏͏ shares.͏͏ However,͏͏ earlier͏͏ this͏͏ week,͏͏ the͏͏ foodtech͏͏ giant͏͏ secured͏͏ shareholder͏͏ approval͏͏ to͏͏ increase͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ in͏͏ its͏͏ IPO͏͏ to͏͏ INR͏͏ 5,000͏͏ crore.
Continue͏͏ Exploring:͏͏ IPO-bound͏͏ Swiggy receives͏͏ shareholders’͏͏ approval͏͏ to͏͏ increase͏͏ fresh͏͏ issue͏͏ size͏͏ to͏͏ INR͏͏ 5,000͏͏ Cr
Swiggy͏͏ plans͏͏ to͏͏ allocate͏͏ INR͏͏ 950͏͏ crore͏͏ from͏͏ the͏͏ IPO͏͏ proceeds͏͏ for͏͏ marketing͏͏ and͏͏ brand͏͏ awareness͏͏ initiatives͏͏ to͏͏ drive͏͏ growth͏͏ and͏͏ attract͏͏ more͏͏ customers.
New͏͏ Offerings͏͏ Rollout͏͏ as͏͏ IPO͏͏ Approaches:
This͏͏ development͏͏ comes͏͏ as͏͏ Swiggy͏͏ rolls͏͏ out͏͏ a͏͏ series͏͏ of͏͏ new͏͏ offerings͏͏ ahead͏͏ of͏͏ its͏͏ IPO.͏͏ On͏͏ Saturday,͏͏ the͏͏ company͏͏ launched͏͏ a͏͏ bulk͏͏ order͏͏ service͏͏ called͏͏ ‘Swiggy͏͏ XL͏͏ EV’͏͏ fleet͏͏ in͏͏ Gurugram,͏͏ nearly͏͏ a͏͏ month͏͏ after͏͏ it͏͏ was͏͏ reported͏͏ that͏͏ it͏͏ was͏͏ piloting͏͏ a͏͏ large͏͏ order͏͏ fleet.
Continue͏͏ Exploring:͏͏ IPO-bound͏͏ Swiggy launches͏͏ EV͏͏ fleet͏͏ for͏͏ bulk͏͏ orders͏͏ in͏͏ Gurgaon
Before͏͏ that,͏͏ the͏͏ company͏͏ launched͏͏ ‘Bolt’͏͏ to͏͏ deliver͏͏ quick-to-prepare͏͏ dishes͏͏ in͏͏ just͏͏ 10͏͏ minutes͏͏ across͏͏ six͏͏ cities:͏͏ Bengaluru,͏͏ Hyderabad,͏͏ Mumbai,͏͏ Chennai,͏͏ Delhi,͏͏ and͏͏ Pune.͏͏ The͏͏ IPO-bound͏͏ giant͏͏ is͏͏ also͏͏ reportedly͏͏ experimenting͏͏ with͏͏ a͏͏ premium͏͏ concierge͏͏ membership͏͏ that͏͏ provides͏͏ subscribers͏͏ access͏͏ to͏͏ exclusive͏͏ experiences͏͏ and͏͏ events.
Financial͏͏ Snapshot:
Swiggy’s͏͏ consolidated͏͏ net͏͏ loss͏͏ increased͏͏ by͏͏ over͏͏ 8%,͏͏ reaching͏͏ INR͏͏ 611͏͏ crore͏͏ in͏͏ the͏͏ first͏͏ quarter͏͏ (Q1)͏͏ of͏͏ the͏͏ fiscal͏͏ year͏͏ 2024-25͏͏ (FY25),͏͏ compared͏͏ to͏͏ INR͏͏ 564.08͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.͏͏ Revenue͏͏ from͏͏ operations͏͏ surged͏͏ by͏͏ 35%͏͏ to͏͏ INR͏͏ 3,222.2͏͏ crore͏͏ during͏͏ the͏͏ quarter,͏͏ up͏͏ from͏͏ INR͏͏ 2,389.8͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.
